Are you paying pricey premiums for long-term care (LTC) insurance? Don’t overlook a tax break. Strategy: Add the allowable cost to your medical expenses. This could push you over the tax threshold for a medical deduction.
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.
Do you need to modify your home to account for a family member’s medical condition? Draw up plans now for home improvements. If you qualify, you may be able to deduct a portion of the cost as a medical expense.
The IRS has updated its website on the new Voluntary Classification Settlement Program (VCSP). The agency reiterates in theFAQs section that participation in the program will not trigger an audit.
It’s bad enough that you have to pay Social Security taxes while you’re working, but you could also get hit with federal income tax on Social Security benefits received in retirement! Strategy: Figure out if you’ll be taxed on Social Security benefits. If so, make moves to reduce your tax liability.
Do you notice anything different on your 1099-Bs this year? For the first time, securities brokers must provide cost basis information for “covered securities.” Use new Form 8949, Sales and Other Dispositions of Capital Assets, to report your securities transactions from 2011.