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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If you’re the victim of a personal theft, at least there’s a small silver tax lining: The amount of the loss is deductible if it qualifies under the casualty and theft loss rules.
The “like-kind exchange” is one of the best tax breaks on the books. If you swap like-kind properties with another party—often one piece of real estate for another—there’s no tax liability if you complete the exchange in time. But it is seldom possible to arrange a one-for-one swap. Usually, multiple parties are involved.
Due to a recent tax law change, a lot of the guesswork for computing capital gains on sales of securities has been removed from the equation.
The IRS recently released the depreciation dollar limits for business vehicles placed in service in 2014. Alert: The latest figures released by the IRS don’t include 50% bonus depreciation. This tax break expired on Dec. 31, 2013, and it’s not clear if it will be extended for 2014.
Are you planning to go to school to sharpen your business skills or chart a new career path? Depending on your situation, you may be able to deduct the cost of your courseload.
Depending on your situation, it may make sense to convert funds in a traditional IRA into a Roth IRA this year, with the promise of future tax-free payouts. But you might have a problem paying the current tax due on the conversion. Fortunately, there’s a way to offset the tax liability without reaching into your wallet.
Business owners and real estate owners may claim the following three generous deductions for 2013 on Form 4562, Depreciation and Amortization.
Q. I turned 70½ last year but I’m still running my company. Do I have to take 401(k) and IRA distributions this year?
Although the employer health insurance mandate doesn’t take effect until 2016 for small-to-medium firms (2015 for large firms), the beat goes on for individuals in 2014. The IRS is issuing new forms for insurers, exchanges and individuals to help enforce the rules for those who are uninsured for more than nine months this year.
The tax law allows you to roll over funds from one traditional IRA to another tax-free. But you can only use this technique once a year. Strategy: Apply the once-a-year limit to all your IRAs.