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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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Due to the federal estate tax ex­­emp­­tion “portability” provision for married couples, some estate planners say that the bypass trust, previously a staple of estate planning, has been rendered obsolete. Portability was permanently extended by ATRA. Strategy: Don’t junk the bypass trust concept just yet.
The Social Security wage base for 2014 is $117,000, up $3,300 from 2013. But the tax rate for both employers and employees is scheduled to remain at 7.65% on wages up to the base and 1.45% above that.
Tax reform is still on the table. But what are the chances it will ever be served to the taxpaying public?
If you’re responsible for willfully failing to deposit federal employment taxes withheld from employee wages with the IRS in a timely fashion, you may be held personally liable for 100% of the unpaid amount. In the latest example, a sole shareholder was found personally liable, despite her limited involvement with the company.
Q. Can my company legally set up a scholarship program rewarding my kids? M.A., Anchorage, Alaska

How much of your budget is allocated to fringe benefits? In the past, this may have represented just a sliver, but now employee benefits frequently take a much larger piece of the pie. Strategy: Set up a Section 125 “cafeteria plan” that provides a menu of tax-favored fringe benefits to choose from.

Q. My fiancé and I bought a home together a year ago and now we’re splitting up. Can I qualify for any tax-free gain? T.S., Colorado Springs, Colo.
The standard mileage rates announced for 2014 by the IRS are slightly lower than they were in 2013.
In a new private ruling, the IRS says that reimbursements given to employees as part of a bike-sharing program aren’t tax-free.
When you donate money to a qualified charity at the end of the year, you can generally deduct the entire contribution. Just be sure to stick to the letter of the law, particularly all the recordkeeping requirements.
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