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.
A sharply divided Congress may be casting clouds of uncertainty over tax law changes, but that shouldn’t deter you from year-end planning.
Q. What are the chances that the manufacturing deduction will be extended?
The IRS issued new final capitalization regulations late last year. Generally, amounts paid to improve tangible property must be capitalized and depreciated over time, but the regulations provide a unique opportunity.
Earlier this year, the Tax Court determined that the once-a-year limit on tax-free rollovers applies to all of a taxpayer’s IRAs, not each one separately. This contradicted the previous taxpayer-friendly interpretation of the rules by the IRS.
If you own a small business operating on a calendar-year basis, now is the time to cash in on tax-saving opportunities while avoiding potential pitfalls.
At this point, no one knows whether Congress will raise the Section 179 deduction or revive bonus depreciation for 2014. Strategy: Make a safe harbor election under the tangible property capitalization regulations.
A new Tax Court decision may give business people more room to maneuver on home office deductions.
Suppose you converted funds in a traditional IRA to a Roth IRA last year, but now you realize that you made a mistake. Strategy: Undo the Roth conversion. The IRS allows you to “recharacterize” a Roth back into a traditional IRA as long as you meet the timing requirements.
Despite the broad reach of the “kiddie tax,” income-splitting with family members is still a good tax idea for wealthy individuals.
Travel and entertainment deductions remain a top audit target because this area is considered ripe for abuse by taxpayers.