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 the IRS audits your return, it can slap you with a back tax bill, interest and penalties. But you may be able to avoid the penalty portion if you can prove that you relied on the advice of a competent tax professional.
When it comes to avoiding IRS penalties, the best offense is a good defense: Avoid being assessed penalties in the first place.
You’ll owe more than just back taxes and penalties if you file late or incorrectly. The IRS can charge interest on your underpayment amount.
You can’t generally deduct the cost of commuting back and forth between your home and work; that’s treated as a nondeductible personal expense. But with a bit of creativity, you can still claim generous tax deductions for certain types of local driving.
The IRS just released official guidance on the 2005 energy-tax law that
revamps the type of tax credits you can earn for buying environmentally
How can you get the most tax-free cash from a home sale?
Do reward points count towards taxable income?
What the tax law takes away with one hand, it often gives with the other.
It’s too late to do anything about the amount you’ll owe on your 2005 tax return … right? Wrong! You can still slash your tax bill by zeroing in on tax breaks that usually fall by the wayside if you’re operating on cruise control.
If the IRS questions one of your write-offs, it will ask for documented proof. Research Recommendations subscribers can obtain a free report that provides a list of the type of written proof you’ll need to verify 25 different kinds of deductions (from bad debts to home-office expenses).