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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Tidbits on tattlers: A new report from the Government Accountability Office (GAO) says the IRS needs to improve the efficiency of the whistle-blower program.
Q. Should I buy off-the-shelf software for my business before 2012? I’m not sure if a tax deduction is expiring.
Are you considering giving large gifts to family members? A new 9th Circuit Court case presents an intriguing idea. (Est. of Petter, 9th Circ. 10-71854, 8/4/11
More details are available on new competency tests required for tax return preparers who aren’t CPAs, attorneys or enrolled agents. Testing will begin this year, but preparers will have until the end of 2013 to pass the test.
The IRS often examines family limited partnerships (FLPs) to ensure that they are not merely tax avoidance schemes. But that doesn’t mean you should dismiss the idea. For your FLP to withstand the scrutiny, you can’t maintain too much control over the assets transferred to the partnership.
Are you still looking for ways to cut your business's 2011 tax bill? Here are 10 tax-saving deals, ranging from buying a personal vehicle to cashing in worthless stock to claiming the generous 179 deduction of up to $500,000 this year.
Did you suffer damage to business or rental real estate property from Hurricane Irene or some other natural disaster this year? At least you may be partially compensated for your troubles through insurance proceeds or a condemnation award. But such payoffs can be a double-edged sword.

As the year draws to a close, you can still salvage tax benefits if you own underperforming municipal bonds (“munis”). Strategy: Exchange the munis for other munis in the secondary market. Then you can use the loss from the swap to offset capital gain income.

The prospect of major tax reform makes it difficult to develop a plan that won’t unravel if Congress enacts significant new legislation before the end of the year. Nevertheless, you can make the best of a bad situation:
A trio of new IRS rulings on special diet food, alternative medicine and hearing aid repairs may bolster your chances for claiming a medical expense deduction this year.
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