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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The conventional wisdom is that you should transfer money into a trust to avoid future tax on earnings in your high tax bracket. Strategy: Crazy, but you might arrange to take money out of a trust.
If you’re the victim of a personal theft, at least there’s a small silver tax lining: The amount of the loss is deductible if it qualifies under the casualty and theft loss rules.
The “like-kind exchange” is one of the best tax breaks on the books. If you swap like-kind properties with another party—often one piece of real estate for another—there’s no tax liability if you complete the exchange in time. But it is seldom possible to arrange a one-for-one swap. Usually, multiple parties are involved.
Due to a recent tax law change, a lot of the guesswork for computing capital gains on sales of securities has been removed from the equation.
The MyRA, introduced by Presi­­dent Obama in his State of the Union address, will be formally unveiled later this year. The Obama administration hopes this new deal will spur retirement savings by those who aren’t being diligent now, especially younger workers.
Q. This is an unusual question. Can I deduct the loss of sperm at a sperm bank as a casualty or theft loss?
In 2010, the IRS started regulating tax return preparers, relying on an obscure 1884 statute for authority to do so. But practitioners successfully challenged the validity of the program in court ...
The IRS recently released the depreciation dollar limits for business vehicles placed in service in 2014. Alert: The latest figures released by the IRS don’t include 50% bonus depreciation. This tax break expired on Dec. 31, 2013, and it’s not clear if it will be extended for 2014.
Q. My wife quit her job last September and started a self-employed business. She didn't contribute to her old employer’s 401(k) and doesn't have any other retirement plan. Can she contribute to a traditional IRA and deduct contributions?
Q. We bought a home and then “flipped it” for a profit. Do we qualify for partial home sale gain exclusion if we lived there?
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