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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It has probably taken you a number of years to build up your small business empire. But 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. Set up a “dynasty trust.”
This time, the Senate Finance Committee appears to mean business. It recently announced that it has launched five separate bipartisan “working groups” that will provide recommendations on comprehensive tax reform.
Q. I have a small apartment in a high-rent part of town. Can I qualify for home office deductions?
Q. I gave a long-time employee a gift of stock in 2014 valued at $10,000. Is this a problem?
Q. My Roth IRA balance has dropped since I converted last year. Can I still reconvert the account back into a regular IRA?
Is it OK to cheat on your income taxes? No, say the vast majority of taxpayers participating in a new survey by the IRS Oversight Board.
The preferential federal income tax treatment for qualified dividends is well known. But many taxpayers believe that the tax benefits are limited to dividends received from U.S. companies. Expand your investment horizons. This tax break also includes dividends received from qualified foreign corporations.
Despite predictions early in tax-return season about furloughs and reduced services for taxpayers, IRS Commissioner John Koskinen now says those measures won’t be necessary.
Q. I paid fees for the first time for e-filing federal and state tax returns. Is this cost deductible on next year’s return?
Are you a casual gambler? Go ahead and enjoy yourself as long as you gamble within reason and only risk what you can afford to lose. And don’t forget about the tax consequences.
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