You own equipment, furniture and other assets that your business could put to good use. You could sell those assets to your business, but that might drain your company's cash reserves. Plus, the sale proceeds would be taxable to you personally.
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.
President Bush signed legislation that provides $6.1 billion tax relief for people and businesses reeling from Hurricane Katrina. While most of the tax-law changes apply to those in the hard-hit Gulf region, some breaks extend to charity-minded taxpayers throughout the country.
We don't want to sugarcoat things: Getting hit with an IRS "field audit" is a worst-case scenario and a cause for genuine concern. The process is expensive, time-consuming and requires a more comprehensive defense strategy than the other two types of audits we've discussed in our audit series ("correspondence audits" handled through the mail and "office audits" performed at an IRS office).
Do your employees need special tools for their jobs? Typically, you provide the tools that workers need or you reimburse employees for tools they must buy on their own. If you handle everything correctly, those reimbursements are tax-free to employees and tax-deductible for you.
The first piece of our audit series explained how you can breeze through an IRS "correspondence audit" conducted through the mail. But the stakes are considerably higher—as is the stress level—if you're tapped for an IRS "office audit."
In the waning days of summer, President Bush signed the highly anticipated Energy Tax Incentives Act of 2005. The massive new energy law contains almost $15 billion in tax cuts designed to encourage conservation, expand domestic energy production and develop alternative energy sources.
The Internet is flooded with products, more than 400, according to a Business Insurance report, that help employees and job candidates cheat ...
Health insurance costs continue to skyrocket without any end in sight. As a result, companies both large and small are exploring alternate means to cover their employees.
As you thumb through the mail one day, an unassuming letter catches your eye. Return address: The IRS. You nervously tear open the envelope and your worst fears are confirmed: The IRS has chosen your return for a correspondence audit.
Q: I bought a second home computer recently because my new job requires communication at all times, and my kids are always on our other computer. I use the new machine to interact with clients from home. Since my employer is all for it, can I deduct the computer's cost? M.L.P., New York