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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Do you need someone to watch your young kids while you and your spouse work? There are usually several options for double-income couples to consider. Don’t forget to factor in the dependent care credit (commonly referred to as the “child care credit”).

As the owner and manager of a business, it’s important for you to stay in tip-top physical shape. Strategy: Schedule a physical before the end of the year. If the company foots the bill for medical diagnostic procedures, this fringe benefit is 100% tax-free to you.

If you own U.S. Savings Bonds issued years ago—maybe you inherited them or received them as gifts from relatives—you should check the maturity dates.
Usually, you can’t deduct the cost of taking your spouse along on a business trip unless he or she is employed by the company. But that doesn’t mean you must pay the full cost out of your own pocket.

Q. Due to an expensive surgery, I’m over the medical deduction limit in 2012. Can I pay additional expenses personally instead of using my FSA? K.C., Bethesda, Md.

One of the biggest tax breaks on the books is the federal income tax exclusion for gains from principal residence sales. The giant exclusion might not be enough, though, if your home has appreciated hugely since you bought it. But certain home improvement expenses may cut down the taxable gain.

Q. My son, who graduated college, lost his job last year and moved back home. Can we still deduct him as a dependent?

In a new report, the Treasury Inspector General for Tax Administration says that IRS audits have led to a substantial number of recommended adjustments to items reported on S corporation returns.
Whne Congress passed the highway bill in July, it included a provision that eases funding requirements for employer-provided “defined benefit” retirement plans, like pension plans, as well as incorporating numerous related changes.

Are your employees adequately protected in the event they suffer a long-term illness? Consider providing long-term care insurance as a company fringe benefit. As long as you meet the tax requirements, the premium payments are deductible by your company and tax-free to your employees.

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