Small Business Tax Strategies, Author at Business Management Daily — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
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Small Business Tax Strategies

This may be the last year you get the full tax benefit of certain tax deductions, thanks to the Tax Cuts and Jobs Act.

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Find loophole for state tax prepayments … No deduction for shareholder travel … Tax perks of long-term care insurance … Deduction for a work of art

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The IRS is tough on deductions for travel expenses. Without the proper records to back up your claims, it might reduce or completely deny your write-offs. And it usually doesn’t help to throw yourself on the mercy of the Tax Court.

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The early bird gets the worm. The earlier you file, the faster you can put money in your pocket if you’re due a refund.

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One tax law crackdown on investors was removed from the final version of the new tax reform law. It would have affected sales of investors who own multiple blocks of stock and mutual fund shares that were acquired on different dates.

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The new tax law totally revamps the tax rules for companies earning income abroad.

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The SSA miscalculated the wage and self-employment income ceiling … Guidelines on deductions for prepayments … New standard mileage rates … IRS restructuring efforts back in play

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The kiddie tax generally applies to the unearned income above $2,100 received by a child in 2018 under age 19 or a full-time student under age 24. The excess is taxable at the parents’ top tax rate.

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Despite calls for its repeal, the federal estate tax survived the chopping block again. But only the wealthiest taxpayers need worry about it in the near future.

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Big business entities, including multinational corporations, are expected to reap the main tax rewards under the Tax Cuts and Jobs Act.

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The Tax Cuts and Jobs Act enhances and creates numerous tax breaks for individual taxpayers, but repeals or scales back a slew of others. It’s going to take time to sort out all the details, but here are 15 key items on the agenda.

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A quick tax fix on repairs … Putting tax brakes on car use … Fringe benefit snafu for S corps … Assigning deduction for student loan interest

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Medical expenses must be incurred primarily to alleviate or prevent a physical or mental defect or illness. They don’t include costs that are simply beneficial to your general health, such as vitamins or a relaxing vacation. Certain expenses that fall into a “gray area” may be contested in the courts.

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If you’re a self-employed taxpayer who pays tax in quarterly installments, you have one last shot at avoiding an “estimated tax” problem for 2017.

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Suppose your adult child needs a helping hand to launch a new business or buy a home. Strategy: Give the child a low- or no-interest loan. As long as you stay within the tax law boundaries, your family will have no tax worries. However, if you’re not careful, you could be blindsided by an unexpected tax bill.

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Although you technically can’t deduct the cost of commuting back and forth from work, you can write off certain out-of-the-ordinary vehicle expenses. Here are five possibilities.

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Are you one of the “holdouts” who still file their tax return on paper? Strategy: Switch to the e-filing method. According to the IRS, more than 135 million returns were e-filed last year.

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Did you buy a plug-in vehicle in 2017? Being environmentally conscious may entitle you to a generous tax break.

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Both of these popular plans offer ease of administration and relaxed reporting requirements.

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Deducting attorney’s fees … MLPs in IRAs … Tax reform to come?

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