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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Good fortune often breeds tax problems. Take the case of a lottery winner who literally had her winning ticket handed to her by someone else. The lucky recipient now owes an exorbitant gift tax on transfers designed to benefit family members.
You have until July 27, 2012, to request a refund relating to the long-distance telephone excise tax.
The new JOBS (Jumpstart Our Business Startups) Act signed into law April 5 designates a new category of emerging growth companies that could issue IPOs of stock, while exempted from certain financial disclosure requirements for up to five years.

Suppose your spouse’s car was damaged when he or she skidded on a wet road in April. It cost $3,000 out-of-pocket to repair. But you won’t be able to deduct any of this cost due to the casualty loss limits. Strategy: Start using your spouse’s car for business ...

Q. I have season tickets to the Boston Symphony. Can I deduct the cost as a charitable donation?

The IRS is expanding its “Fresh Start” initiative for struggling taxpayers. (IRS News Release 2012-31) The updated program provides new penalty relief to the unemployed and opens up installment agreements to more taxpayers.

According to a new report from the Treasury Inspector General for Tax Administration (TIGTA), the IRS has not been fully compliant with a federal law requiring it to eliminate and report improper government payments to taxpayers.

Q. I’ve invested substantially in gold. Does the wash sale rule apply to gold transactions?

The U.S. tax code now runs 3.8 million words. William Shakespeare only needed 900,000 words to say everything he had to say ...

In some cases, your business is legally obligated to make the premises accessible to disabled individuals. Strategy: Build the "disabled access credit” into your plans. If you qualify, you can write off half the cost. What’s more, the disabled access credit covers more than you might think.

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