After the S&P Municipal Bond Index posted an annual return of 9.26% in 2014, most investment gurus predicted a fallback in 2015, and early results bear this out. Strategy: Don’t count out municipal bonds (commonly called “munis”).
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.
The IRS recently issued its Winter 2015 Statistics of Income Bulletin. It contains a wealth of valuable tax return income information relating to partnerships and sole proprietors.
Generally, damages compensating you for a physical injury or illness (other than punitive damages) are exempt from income tax, including amounts attributable to pain and suffering. For instance, if you receive a legal settlement arising from physical injuries suffered in a car accident, you don’t have to pay tax on the award. However, in a new case, the Tax Court ruled that the payments to an egg donor for pain and suffering were taxable.