Let’s be clear about this: There is no substitute for accurate record-keeping. The IRS insists on it. But in a pinch, you still might have an ace up your sleeve. Strategy: Refer to the “Cohan rule,” named after a case involving the legendary Broadway hoofer, George M. Cohan.
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.
Q. I’ve used my home for my self-employed business the past 10 years. Are there any possible tax drawbacks if I sell the home?
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.
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.
Q. My son, who graduated college, lost his job last year and moved back home. Can we still deduct him as a dependent?