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. Does the new tax law reduce the maximum tax rate for gains from sales of artwork?
Q. Can you deduct marijuana medically prescribed for an elderly person?
A taxpayer in Oregon claims that a female IRS agent propositioned him during the course of an audit and threatened to assess large penalties against him if he didn’t have sexual relations with her.
Unfortunately, you can’t claim a dependency exemption ($3,900 for 2013) for an elderly relative you help support, unless you pass a two-part test. Strategy: Take stock of your situation at midyear. Some smart tax planning might salvage an exemption without breaking the bank.
Momentum is building for legislation that would impose sales taxes on more online retailers.
Should you use the flat rate method for deducting business auto expenses or the actual cost method? The answer depends on your personal situation.
Do you want to save energy at home and at work? The new American Taxpayer Relief Act of 2012 (ATRA) restores the power to taxpayers. Strategy: Cash in on the credits for qualified energy-saving expenditures.
Besides federal income taxes, various state and local taxes can be a prime consideration, too.
The tuition deduction or a higher education tax credit—you can only claim one or the other—is likely just a drop in the bucket if you’re paying for a child to attend an elite school. And the deduction and credits phase out for higher-income taxpayers. But that doesn’t mean you can’t wring any tax benefits out of tuition payments.
You may not be celebrating, but this year is the 100th birthday of federal income taxes.