Small Business Tax — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Page 81
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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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Municipal bonds are likely to be at a premium at the end of 2012. Not only do they produce income free of federal and sometimes state and local tax, the income isn’t subject to the new 3.8% Medicare surtax. Strategy: Swap underperforming munis for other munis in the secondary market.

In a new report covering the tax years 2006 through 2009, the Treasury Inspector General for Tax Administration found that taxpayers had to repay more than an estimated $2.3 billion in credits that were erroneously claimed.

Q. I installed a furnace in my home earlier this year. Can I claim an energy credit for the cost?
The IRS has reversed a long-standing ruling denying Section 179 deductions for the cost of planting vineyards and orchards.
Q. I’m converting to a Roth IRA. If I sell stock at a loss, can the loss offset the tax due on the conversion?
Under the Afford­­able Care Act, employers with 50 or more full-time employees must provide minimum essential health coverage to employees, or pay a nondeductible tax penalty, beginning in 2014. Now the IRS has issued new guidance on these “play-or-pay” rules for seasonal or variable workers.
It’s a different story this year-end for investors in securities. Due to potential changes in tax rates for 2013, the usual emphasis on harvesting capital losses has shifted to realizing capital gains. Strategy: Don’t forget how the “netting rules” work.
Q. I plan to buy a car for business driving late this year. Should I use the standard mileage rate?
Q. My company uses flex spending accounts. Will my excess still be carried over to next year?

Chances are, if you’re a high-income taxpayer, the scheduled 2013 tax rate increases on ordinary income and capital gains and dividends aren’t your only concern. You could also face a new 3.8% Medicare surtax on all or part of your net investment income. Strategy: Make your tax moves now. If you wait until the surtax kicks in next year, it may be too late.

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