Ohio is one of 29 states that have signed memoranda of understanding with the IRS to share enforcement information on employment tax collection matters. The move is part of the IRS’ Questionable Employment Tax Practices (QETP) initiative ...
Small Business Tax Deduction Strategies
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.
If your personal property is damaged early in the year, you may be able to obtain fast tax relief.
How can you cut operating expenses down to size? Using more independent contractors might be the answer. But you can’t simply label workers as “independent contractors” when it suits your needs. Stick to your guns for legit arrangements. In a pinch, you might rely on “Section 530 relief” to bail you out.
Q. I’ve started using my spouse’s car for business this year. We bought the car in 2005 for about $35,000. Can I base my write-offs on the full cost?
Q. I may set up a second business from home as a sole proprietorship. Do I have to pay myself taxable wages? A.S., Portsmouth, NH
Gov. Jon Corzine and State Sen. Stephen Sweeney, D-Gloucester, are pushing a bill that would make New Jersey the third state to offer mandatory paid leave to employees to care for a new child or sick relative. Sweeney originally proposed 10 weeks of leave, but said in November he would consider cutting that to six weeks if it would get the proposed plan passed ...
The IRS has updated its online alternative minimum tax (AMT) calculator.
The maximum tax rate for long-term capital gains in 2007 is only 15 percent for high-income taxpayers. Even better, the rate is a minuscule 5 percent for some lower-income taxpayers. But how low can you go if you really try?
Q. Concerning the Section 179 deduction, you specifically stated that sole proprietors, partnerships and S corporations enjoy this deduction. Is the same deduction allowed for an LLC?