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.

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In a case decided last year, the 6th Circuit Court of Appeals held that severance payments made to employees aren’t treated as taxable wages for payroll tax purposes, opening up refund opportunities.
Q. We’re considering experimental surgery for my wife. Can we deduct the cost as a medical expense?
Just before the government shutdown, the IRS issued new higher per diem rates for the 2014 fiscal year (FY 2014) spanning Oct. 1, 2013, through Sept. 30, 2014. A private employer may rely on these rates to substantiate employee travel expenses without having to do a strict accounting.
The IRS has announced that employers are able to modify the long-standing use-it-or-lose-it rule bedeviling flexible spending accounts (FSAs) used for health care ex­­penses. The onerous rule requires em­­ployees to forfeit FSA funds if they don’t use those amounts by the end of the plan year.
Due to the relatively generous estate and gift tax provisions included in the American Tax­­payer Relief Act (ATRA), estate planning is easier than it was before. However, it can still be tricky, especially if your spouse isn’t a U.S. citizen.
If you travel extensively on business, you probably know the drill: Either the airline or hotel, or both, may offer a lower rate if the stay includes a Saturday night. What’s the tax perspective?

In a recent article, we discussed exchanging real estate properties tax-free under Section 1031 of the tax code. However, in the real world, it’s unlikely that the owner of the property you desire will be willing to acquire a property you own, or vice versa. Strategy: Use a qualified intermediary to facilitate deals.

Q. My home sale profit will exceed $250,000. Can I avoid tax on the higher amount by selling in installments? N.P.S., Long Beach, Calif.
Generally, you can deduct mortgage interest paid on your principal residence and one other home. In a new case, a couple can deduct mortgage interest for their motor home.
Although ATRA finally resolved much of the uncertainty relating to federal gift and estate taxes, you’re not out of the woods quite yet. Strategy: Plan ahead to avoid the generation-skipping tax. This low-profile but potentially very expensive tax can hit wealth transfers that “skip” more than one generation.
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