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.
Your business is part of your legacy, so you probably don’t want the company’s building to be sold and bulldozed right after you die. However, your heirs may be strapped for cash if they have to pay federal estate tax on the value of the inherited business. Strategy: Point out the special use valuation break.
Just when it looked darkest, Congress revived a tax break for employees, at least for the short term. New legislation enacted late in 2011 temporarily extends the “payroll tax holiday” for two more months. And Congress is already working on an extension for the remainder of 2012.
The cost of everything else seems to be going up ... why not Medicare Part B premiums? The government recently announced a modest increase in the monthly premiums for 2012. But it amounts to a reduction for senior citizens who enrolled in Part B in 2010 and 2011.
It’s a global economy. Even small business operations have established relationships with clients and vendors in foreign countries. So you may find yourself globe-trotting on behalf of your company. Here are the tax “ins and outs” for foreign business travel.
Q. I’ve been informed that I’m in the doughnut hole for Medicare. Wasn’t this eliminated?
Congress has passed new legislation providing an expanded tax credit to employers that hire unemployed veterans.
In a new report, the Treasury Inspector General for Tax Administration has identified 2.1 million taxpayers who received $3.2 billion in education credits that appear to be erroneous.
The IRS has caved in. After announcing it intended to eliminate the popular “high-low” per diem rates for business travel, it succumbed to public pressure. Result: Employers can still use the high-low rates for the government’s 2012 fiscal year.
For the first time, the estates of a married couple may benefit from “portability” of the generous federal estate tax exemptions for 2011 and 2012. In essence, the estate of a surviving spouse can inherit and use the unused portion of a deceased spouse’s exemption. Now executors can follow new guidance from the IRS about this important estate tax break.
If you travel somewhere and engage in business and personal activities, any travel expenses to and from the destination are deductible only if the trip is related primarily to your business. As a general rule, you must show that you’ve spent more than half of the time on business activities. A taxpayer in a new case failed to produce the necessary records.