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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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The IRS has issued new guidance on an important change for flexible spending accounts (FSAs) beginning in 2013. A $2,500 cap will apply to contributions made to health care FSAs. The limit on FSAs for dependent care expenses remains at $5,000.

If your child will be entering or returning to college this fall, he or she may prefer off-campus housing to living in a dorm. At the same time, you could be looking to acquire real estate property for the investment and tax benefits. Fortunately, there’s a way you can kill two birds with one stone.

The IRS has implemented a new pilot program designed to aid law enforcement in obtaining tax return data to help investigate and prosecute specific cases of identity theft.
As the November elections draw closer, the IRS aims to ramp up its investigations of political campaigning by “social welfare groups” and other nonprofit organizations. It will be carefully eyeballing these entities to ensure they don’t cross the boundaries established by law.
The U.S. Supreme Court has generally upheld the con­­sti­­tu­­tion­­ality of the Patient Pro­­tec­­tion and Affordable Care Act of 2010. This means the tax-related provisions in the law will stand, so the tax bill for some tax­­payers will increase, starting next year.

Q. I have to take required minimum distributions from my IRAs. Can I take the RMD for the current tax year from just one of the IRA accounts?

Q. We just found out that our employer didn’t pay its payroll taxes for two years. Am I in trouble with the IRS?
In a move that could lead to significant tax repercussions, Amazon.com began collecting tax on its online sales in Texas on July 1. Amazon now collects sales tax also in Kansas, Ken­tucky, North Dakota, New York and Wash­ing­ton. Pennsylvania and California will follow in September.
A mass rally recently held in Chicago sparked debate over a transactional tax on the financial community. A coalition of nurses’ unions and other activists gathered together to protest the vast wealth accumulating in securities.
Q. I want to reward a good client with gifts to his staff. Can I give each one a tax-deductible business gift?
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