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.
Do you own a life insurance policy on your own life? If so, you could be asking for tax trouble: The proceeds from the policy will be included in your taxable estate unless you take action. Strategy: Set up an irrevocable life insurance trust. Then transfer ownership of the policy to the trust.
Are you looking for a tax-favored investment that serves a valuable public need? You might not have to search far. Consider real estate developments that generate low-income housing credits. The credits are spread out over the time it takes to complete the project.
Bonus depreciation is back and better than ever. Now the IRS has issued a new ruling on this revived tax break. The new IRS guidance provides certain options, including a downward election, plus coordination with other tax code sections and creates an “escape hatch” for business vehicle owners who might face unfavorable tax results under the new rules.
You may not be able to qualify for the full home sale exclusion ($250,000 singles; $500,000 for married joint-filing couples) when you sell your principal residence. However, if you can’t get the whole loaf of bread, at least you might be able to get a slice of it. Strategy: Claim a partial home sale exclusion on your personal tax return.