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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Wealthy individuals can avoid dire estate tax consequences by shifting assets to a trust. But then the trust will likely be hit with sky-high income taxes during your lifetime. So think of setting up an “intentionally defective grantor trust.”
To paraphrase John F. Kennedy, it’s not what you do in your IRA, it’s what you can’t do.
I’ve been invited to join a nonprofit board; can I deduct my costs? ... Will my mandatory IRA distribution increase the tax on my Social Security benefits? ... Do we have to offer health insurance under Obamacare to employees we’re letting go?
To qualify as a professional gambler, you must show that you have a legitimate intention of turning a profit. But the IRS often takes a dim view of taxpayers who claim to be professional gamblers and the Tax Court usually sides with the IRS.
When a couple with minor children divorce or separate, one key consideration is the custody of the kids. But this raises an interesting question: Who gets custody of the kids’ dependent exemption deductions?
In a case of first impression, the 9th Circuit Court of Appeals reversed the Tax Court’s earlier ruling and concluded that the limits for mortgage interest apply on an individual (per-taxpayer) basis when homes are co-owned by unmarried individuals. As a result, an unmarried couple that owned homes together could write off the interest on a combined total of $2.2 million of mortgage debt.
Gear up for the Cadillac tax ... There's a new due date for FBARs ... It's getting tougher to qualify as an independent contractor.
Do you own a boat or a car you might donate to charity? Before you pull the trigger, consider another option.
Are you paying interest on a personal loan or credit card charges? Generally, you can’t derive any tax benefits from the interest on these loans. It’s considered a personal expense and is therefore nondeductible. Strategy: When appropriate, consolidate debts under a home equity loan.
If you recently acquired or started a new business, or if it took several years for your company to become profitable, you may be ready to put more money into employee benefit plans like a qualified retirement plan. Strategy: Get your retirement plan going before the end of the business tax year. This will entitle your business to a tax credit—a dollar-for-dollar reduction of the company’s tax bill—for plan startup costs.