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. My son decided not to go to college. Will he pay tax if he takes cash from a Section 529 plan to buy a car?
We’re still waiting on new proposed legislation that would increase tax-free benefits of mass transit passes. The legislation would restore a monthly cap of $240 on tax-free mass transit passes provided by an employer.
If a tax return preparer files more than 10 individual tax returns in 2012, he or she must prepare the returns electronically. But tax pros can secure a “hardship waiver” when circumstances dictate.
Q. I’m self-employed with a SEP-IRA. Can I still postpone contributions for 2011 if I don’t file for an extension?
Q. When my wife left her job in September 2011, she spent more than she had in her health care FSA. Can the employer still recover the difference?
A top 20 accounting firm has created a new online tool that makes it easier to determine when investors can qualify for the New Markets Tax Credit (NMTC) Program. The NMTC Program, established in 2000, is designed to revitalize low-income communities throughout the country.
The IRS is “getting smarter” in its old age. It's using a new technologically based audit technique for businesses with electronic records.

It may be possible to dispose of appreciated real estate property without paying a single penny of tax. Strategy: Use a like-kind exchange of properties. If handled properly, you don’t have to pay any tax until you sell your replacement property, if ever. However, you must pay close attention to the tax law deadlines.

There’s more hope for taxpayers who have to pay the tax bill of an estranged spouse through no fault of their own. The IRS has issued a Notice proposing a new revenue procedure about the “innocent spouse” rules. (IRS Notice 2012-8) The changes make it easier to qualify for tax relief.

Are you paying pricey premiums for long-term care (LTC) insurance? Don’t overlook a tax break. Strategy: Add the allowable cost to your medical expenses. This could push you over the tax threshold for a medical deduction.

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