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.
Under the annual gift tax exclusion, you can bestow gifts of up to $13,000 per recipient in 2011, with no gift tax due. You don’t even have to file a gift tax return. But you must file the federal gift tax return, Form 709, if you elect the exclusion for joint gifts.
It won’t be long before the kids start heading back to school. How about you? Maybe you’ve decided to take a refresher course in your specialty at a local college. Or you could be thinking about shifting gears and starting a new career path. In some cases, you can deduct your business education expenses; in others, you can’t.
Q. I’ve shifted from being self-employed to a corporation. Can my company pay the FICA tax being withheld from my paychecks?
In what has become an annual rite of passage, the IRS has issued its list of the “dirty dozen tax scams” for 2011. Here’s what you should be avoiding.
Q: An employee has taken a second job with our company on a part-time basis. Would our reimbursement of his travel expenses from his first job to our workplace be a tax-free reimbursement, or a taxable commuting expense?
Q. My friend insists he’s better off passing up the capital gains rate for bigger deductions. Is that possible?
The IRS bowed to public pressure and increased the standard mileage rate for business drivers midway through the year. The rate of 51 cents per mile (plus tolls and parking fees) jumped to 55.5 cents per mile effective July 1.
Keep taxes in mind for business travel plans. Depending on your situation, you might opt to go by car instead of plane if you’re expecting to tack some vacation time onto the trip. In fact, you could wind up spending a lot less on travel while deducting much more.
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.