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 have to tap into your qualified retirement plans or IRAs to pay unexpected expenses like alimony? There’s a “right way” and a “wrong way” to do it.
Q. A recent article about using a vehicle for business said a taxpayer will likely do better deducting actual expenses. But isn’t this misleading?
Frequently, owners of C corporations are accused of receiving excessively high compensation amounts, to avoid having profits taxed at both corporate and individual levels. Conversely, S corporation owners may attempt to keep their salaries low to avoid employment taxes on wages. Strategy: Arrange “reasonable” compensation for services actually rendered.
As the owner of the business, you may feel that you deserve more retirement plan benefits than other employees. But tough nondiscrimination rules can work against you … unless you’re clued in to one of the best-kept secrets in the tax law.