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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Q. We travel extensively to take our son to golf camps and other competitions. Besides travel, we pay hotels, meals, etc. Is any of the cost tax-deductible?

Q. We’re thinking of giving large donations to several charities. Are deductions for itemized deductions reduced this year?
Does your company need a quick cash transfusion to keep operating on all cylinders? This could be a problem if the company owes you money for a prior debt. But a loophole in the tax law allows your company to effectively sidestep cancellation-of-debt income when you forgive debt the company owes you.

When you travel away from your home on business, you can deduct your gas and related expenses. But you generally can’t write off “commuting” expenses, although there are several exceptions in the tax law. Strategy: Keep temporary assignments to less than one year.


If you operate a self-employed business from home, you may qualify for valuable tax-saving home office deductions. But using the computer in your home office for personal reasons could cost you the home office deductions. Fortunately, you can “buy your way out” of this predicament.

Are you planning to sell your business in the next few years? Although you might owe a hefty income tax bill on the value of an appreciated interest, at least you may be able to dodge the new 3.8% Medicare surtax on net investment income that is scheduled to take effect next year. But what about your kids and other family members who are shareholders in your business?

Effective Nov. 19, outside payroll firms must de­­posit all employment taxes electronically, regard­­less of the size of the employer.

Unless you’ve been hiding under a rock somewhere, you probably know all about the benefits of converting a traditional IRA to a Roth IRA. But you might not realize that there’s a sense of urgency ...
Suppose the only way you can consummate the sale of real estate is to agree to an installment sale. Typically, the payments are taxed to you under the installment sale rules, thereby spreading out your tax liability. Usually, installment sale treatment is a good thing. But there are several possible reasons why you may forgo this tax break.
The Treasury Inspec­­tor General for Tax Administration has accused IRS supervisors of shirking their duties and said agents were encouraged to rubber-stamp applications for Individual Taxpayer Identification Numbers submitted by illegal immigrants.
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