The IRS is making it easier to realize tax benefits for temporary local lodging costs. New proposed regulations allow employees to deduct local lodging expenses that weren’t previously deductible.
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.
Although numerous tax breaks may be going by the boards at year-end, older taxpayers don’t have to wait to see what happens to one tax provision that already expired. Strategy: Make a charitable donation from your IRA. In other words, have your IRA custodian transfer the funds directly to the charity without ever touching the money.
Undoubtedly, you’ve worked hard for a long time to amass your current wealth. It would be a shame if creditors or litigious individuals attack your family fortune. Strategy: Set up an Alaska trust to protect your assets.
Tax-savvy investors know to watch out for the “wash sale” rule. But now there’s an extra wrinkle. New cost basis reporting rules apply to mutual fund shares acquired after 2011.
You’re going to hear a lot about “harvesting” capital gains and losses later this year. It’s all tied into the scheduled demise of the Bush tax cuts. Strategy: Line up the capital gains and losses you expect to recognize. Depending on your situation, you may want to harvest losses soon to offset gains or vice versa.