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.
Q. I’ve heard that municipal bonds are no longer tax-free. Is that true? E.H., Bellingham, Wash.
Usually, you’re guilty until proven innocent in the eyes of the IRS. But now the nation’s tax collection agency is making it easier for certain taxpayers, like those suffering in abusive situations, to qualify as an “innocent spouse.”
The most onerous rules for employers and employees included in the massive 2010 health care law—the Patient Protection and Affordable Care Act (PPACA)—have yet to take effect. But qualified small business owners may already benefit from a generous tax credit for providing health insurance coverage to workers.
Daniel Werfel, Acting IRS Commissioner, has acknowledged that identity theft in tax returns is still rising, despite IRS efforts to thwart it.
In the tax world, half a loaf, or at least part of a loaf, is usually better than no loaf at all. This principle applies if you’re selling your principal residence, but you don’t qualify for the generous home-sale gain exclusion.
The new tax law signed earlier this year—the American Taxpayer Relief Act (ATRA)—bestowed valuable estate and gift tax benefits on taxpayers. But a longtime gift tax break may have gotten lost in the shuffle.
The IRS refused to back off its plans to shut down two key services for tax pros.
Is your son or daughter getting married this fall? Even though you might be losing a personal tax exemption, your child may benefit from filing a joint tax return with his or her spouse. The “marriage penalty” often doesn’t apply to newlyweds who recently graduated.
Sometimes it pays to be just “average.” If your deductions line up close to the average for taxpayers in your income category, you’re more likely to fly under the IRS’ radar.
According to the National Taxpayer Advocate (NTA), the problems facing the IRS due to the “Tea Party scandal” are just the tip of the iceberg.