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.
The latest “newfangled” retirement plan being pushed by the IRS is the Roth 401(k) plan. Typically, a company will add the Roth feature to an existing traditional 401(k) plan. The IRS has issued new guidance on in-plan Roth 401(k) rollovers.
If you’re starting your annual spring cleaning soon, don’t toss out items such as used clothing, toys and furniture. Strategy: Donate them to charity instead. That way, you’re entitled to a deduction based on the fair market value of the property.
Q. How can I convince my 25-year-old daughter that it’s better to itemize than take the standard deduction?
Q. If we move a business lunch from a country club to a restaurant, can our business deduct the full cost?
Here are 13 key breaks for individuals and small business owners that expired after 2013.
Due to tax preparation software programs, it’s much easier to fill out a federal income tax return now than it was years ago, when you struggled through the process with a No. 2 pencil. But you still have some work cut out for you. Here are six ways you might be able to turn a potential tax liability into a tax refund.
Q. I converted part of an IRA to a Roth in 2013. Is the conversion income subject to the new Medicare surtax? J.S.L., Boise, Idaho
If you’re short on cash to fund an IRA contribution this year, Uncle Sam may effectively lend you the money. Strategy: Use your federal income tax refund to fund an IRA contribution.
New proposed regulations would settle a tax controversy involving the treatment of amortizable partnership start-up costs after a “technical termination” of the partnership.
Even with the generous $5 million estate tax exemption under current law (indexed to $5.25 million for 2013 and $5.34 million for 2014), some heirs will still be walloped by the federal estate tax. When the tax applies, the rate is a flat 40%. Strategy: Use the installment method for paying estate tax.