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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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.

Do you need to modify your home to account for a family member’s medical condition? Draw up plans now for home improvements. If you qualify, you may be able to deduct a portion of the cost as a medical expense.

Q. I am the sole beneficiary of my father’s IRA. He died at age 67. Do I have to start taking distributions?

The IRS has updated its website on the new Voluntary Classification Settlement Program (VCSP). The agency reiterates in theFAQs section that participation in the program will not trigger an audit. 

Q. I am pursuing a personal legal action where I might be paid damages. Are these damages subject to income tax?
Q. Our company bought a new machine on Dec. 28. But due to technical problems, we could not start using it until Jan. 4. Can we deduct the cost in 2011?
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