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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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Q. If I delay receiving Social Security benefits until age 66, will I avoid the tax on the benefits?
Due to a looming new Medicare tax on investment earnings, you may be tempted to unload your principal residence to the first qualified buyer you can find. In a word—don’t.
A taxpayer who qualifies as an “innocent spouse” may be entitled to relief from tax liability on a joint return. But the IRS often questions claims of innocence. To qualify for relief, it has imposed the following requirements:
If you’ve decided to take in a child under a foster care arrangement, the payments you receive from the government or other qualified agency are generally tax-free. But the tax breaks don’t stop there for generous foster parents.
As the owner of a small business or one of your company’s top employees, you may be granted stock options as part of your compensation package. What type of options are you receiving? It can make a big tax difference.
Q.  In a recent article, you talked about energy credits in your home. Can’t you get credits for costs at a plant?
Q. My car was damaged in an accident. I use the car about 80% for business, but I was on a personal errand. Can I still deduct the repair cost?

Do you want to help a local athletic organization that benefits your children? Join the booster club for an amateur sports program. You can likely write off the difference between the club dues and the value of the benefit received. But beware: The IRS is cracking down on inflated deductions.

Maybe you’re not Bill Gates or Donald Trump, but you’ve worked hard to build up a small business empire of your own. Now that you’re closing in on retirement, you’d like to preserve most of your assets for your family without paying an arm and a leg in taxes. Strategy: Set up a dynasty trust.

The IRS still needs to improve the quality of its customer service, according to a report issued by the Treasury Inspector General for Tax Administration. The report cited lengthy wait times and scheduling deficiencies as two key problem areas. But the news isn’t all bad.
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