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 bought a home and then “flipped it” for a profit. Do we qualify for partial home sale gain exclusion if we lived there?
Are you planning to go to school to sharpen your business skills or chart a new career path? Depending on your situation, you may be able to deduct the cost of your courseload.

Depending on your situation, it may make sense to convert funds in a traditional IRA into a Roth IRA this year, with the promise of future tax-free payouts. But you might have a problem paying the current tax due on the conversion. Fortunately, there’s a way to offset the tax liability without reaching into your wallet.

The IRS has released its annual “Dirty Dozen” list of tax scams for taxpayers to avoid in 2014. Scams occur at all times during the year, but the IRS notes they are more prevalent in tax filing season.

Business owners and real estate owners may claim the following three generous deductions for 2013 on Form 4562, Depreciation and Amortization.
Q. I turned 70½ last year but I’m still running my company. Do I have to take 401(k) and IRA distributions this year?
Although the employer health insurance mandate doesn’t take effect until 2016 for small-to-medium firms (2015 for large firms), the beat goes on for individuals in 2014. The IRS is issuing new forms for insurers, exchanges and individuals to help enforce the rules for those who are uninsured for more than nine months this year.

The tax law allows you to roll over funds from one traditional IRA to another tax-free. But you can only use this technique once a year. Strategy: Apply the once-a-year limit to all your IRAs.

If you itemized deductions last year, any state income tax refund you received is taxable on your 2013 return. Report it on Line 10, Form 1040.
Was your company forced to downsize its staff the past few years while the economy struggled? Strategy: If your company paid Social Security and Medicare taxes on severance payments to discharged employees, consider filing a protective refund claim before April 15.
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