Small Business Tax

Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?

Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.

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Are you paying pricey premiums for long-term care (LTC) insurance? Don’t overlook a tax break. Strategy: Add the allowable cost to your medical expenses. This could push you over the tax threshold for a medical deduction.

Do you need to modify your home to account for a family member’s medical condition? Draw up plans now for home improvements. If you qualify, you may be able to deduct a portion of the cost as a medical expense.

Q. I am the sole beneficiary of my father’s IRA. He died at age 67. Do I have to start taking distributions?

The IRS has updated its website on the new Voluntary Classification Settlement Program (VCSP). The agency reiterates in theFAQs section that participation in the program will not trigger an audit. 

Q. I am pursuing a personal legal action where I might be paid damages. Are these damages subject to income tax?
Q. Our company bought a new machine on Dec. 28. But due to technical problems, we could not start using it until Jan. 4. Can we deduct the cost in 2011?

It’s bad enough that you have to pay Social Security taxes while you’re working, but you could also get hit with federal income tax on Social Security benefits received in retirement! Strategy: Figure out if you’ll be taxed on Social Security benefits. If so, make moves to reduce your tax liability.

Don’t think you can avoid paying tax on income from business activities just because “you’re getting old” and are semi-retired. There’s no exemption from taxation based on age. Case in point:
Q. My mom moved to an assisted living facility in November. I paid all her home bills the last two months. Can I deduct them on my 2011 return?
The IRS recently mailed out “warning letters” to more than 21,000 tax return preparers. But now the IRS admits that its computer system for ferreting out mistake-prone preparers needs fine-tuning.
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