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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Sooner or later, the alternative minimum tax (AMT) is probably going to get you. Strategy: Do your best to dodge this “stealth tax.” At the very least, you may be able to reduce your AMT liability for 2012 with some advance planning.

A new district court case could lead to more IRS snooping into gift taxes. The court ordered the state of California to disclose to the IRS the names of individuals who have transferred real estate for little or no money to family members.

The cost of practically everything keeps going up, but not the amount of tax-free transportation benefits for employees. Because Congress failed to extend a group of tax breaks beyond 2011, certain tax-free benefits have been virtually cut in half. Here’s a recap of the transportation fringe benefits that are currently available.

The IRS is taking steps to improve audit procedures for small corporations.
To the surprise of practically no one, Form 1040 for filing 2011 returns features new twists and turns for individual taxpayers. The new Form 1040 incorporates modifications resulting from new laws, IRS rulings and inflation adjustments. Here’s a roundup of the key updates.
Q.  My fiancé and I are planning to buy his retired mother’s home where we will live. What’s the best way to structure this?
Generally, you can deduct qualified mortgage interest during the 24 months your home is under construction. But suppose the home is never built? A new Tax Court case provides some insight.
The IRS won’t be issuing tax refunds on debit cards in 2012.
Q.  Are bonus depreciation deductions reduced for business property placed in service in the last quarter of 2011?
Maybe your company has always offered a 100% match on the first 2% of income that an employee contributes to a qualified retirement plan like a 401(k). How about offering to contribute a 25% match to the first 8% that each employee defers to his or her account? It will cost your company the same while encouraging employees to save more.
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