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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There’s some good news for Medicare participants. Part B premiums didn’t increase for 2015. The basic monthly premium remains at $104.90 a month (the same as it’s been since 2013).
It’s back. The research credit, which had expired, was reinstated retroactive to Jan. 1, 2014, by the Tax Increase Prevention Act.
The IRS imposes strict substantiation rules for claiming charitable deductions for property donations. For instance, if you donated appreciated property last year, you must attach a qualified appraisal for a deduction exceeding $5,000. Generally, you can claim a deduction equal to the property’s fair market value.
Q. Our company bought used equipment for $35,000 in 2014. Can we depreciate it all?
Here are some of the major changes on 1040 schedules for 2014.
If you think that completing and filing a federal tax return is pretty cut-and-dried, think again.
Have you completed your 2014 tax return yet? Take a look at these opportunities to save.
Q. We repaired our damaged roof, but the contractor’s work was shoddy. Is this deductible as a casualty loss?
Generally, you can deduct marketing and promotional expenses incurred in furthering your business operation. But you can’t deduct payments made by your enterprise that aren’t expected to generate business income.
Are you responsible for additional federal income tax due to a fabrication, error or omission by your spouse on a joint tax return? Maybe not. You don’t have to pay the piper if you qualify as a so-called “innocent spouse.”
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