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.
Q. My partner has convinced me to buy iPads for all our employees. Can we deduct the full cost? S.B., Cincinnati
The Section 179 deduction is as good as it’s ever been. The American Taxpayer Relief Act of 2012 (ATRA) extended the maximum allowance to $500,000 through tax years beginning in 2013. Strategy: Stretch to buy extra equipment this year.
You’re probably well aware of the benefits of using a Section 529 to save money for a child’s college education. But you may not know how to bulk up a child’s account faster without any gift tax problems. Here's how.
If you conduct administrative duties at home and you have no other fixed location where you conduct such activities, you can qualify for home office deductions. The rules in this area were changed by the Taxpayer Relief Act of 1997 in the wake of a landmark Supreme Court case. Now it’s easier for self-employed individuals to take write-offs.
The recent Supreme Court ruling striking down the Defense of Marriage Act (DOMA) will have wide-ranging federal tax implications. Significantly, same-sex married couples will generally be eligible to file joint returns.
Usually, a small business owner works long hours at his or her trade. But you might own a significant interest in another business operation, or perhaps your main business, where you mostly sit on the sidelines. Strategy: Turn your “passive” business interest into an “active” one.
The tax law says that you can deduct the cost of traveling between two business locations. But no deduction is generally allowed for “commuting” between your home and workplace. Accordingly, in a new case, the Tax Court denied a deduction to a taxpayer, even though he traveled a great distance to work each day.
An article in the June 2013 issue of Forbes magazine certainly raised a few eyebrows in tax circles. According to the writer, William Baldwin, affluent retirees earning hundreds of thousands of dollars a year may actually pay zero federal income tax this year.
The IRS is giving some business entities more time to apply for a tax refund involving severance pay. Alert: The IRS says it will sign Form 907, Agreement to Extend the Time to Bring Suit, for certain taxpayers who had a FICA tax refund claim disallowed based on a controversial 6th Circuit court ruling.
Estate planning has been muddled for the past decade or so as professionals and taxpayers alike grappled with an ever-changing tax environment. At long last, the fog has lifted, thanks to the American Taxpayer Relief Act.