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Small Business Tax

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.

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You can’t avoid FICA tax on wages. However, as fall approaches, you might be able to lessen the tax impact with a couple of deft moves.
What will happen if you’re suddenly unable to handle your financial affairs? It can cause a big mess if you haven’t made any provisions for this possibility. Strategy: Include a power of attorney in your estate plan.
We don’t have a clear picture about the shape tax reform will take, if any, this year. Thus, it appears the “status quo” may apply for this year for high-income investors. Strategy: Include municipal bonds.
Supreme Court reverses “church plans” ruling ... New vet tax break ... Correspondence audits test program ... Deadline extension for FBARs ... IRS rulings come at a steep price
It’s tough for a child just starting out to buy a home in today’s pricey real estate market. Strategy: Consider an “equity sharing” arrangement.
Suppose you hire several “outsiders” to do some “inside” work. Are they employees or independent contractors? It can make a big tax difference.
There’s no place like home Q. Can the sale of a vacation home qualify for the exclusion if you’ve moved into it full-time? N.S., Vienna, Va. A. Yes, with a caveat. To exclude the tax on a gain from a home sale—up to $250,000 for single filers and $500,000 for joint filers—you must have owned […]
Although dividends paid by C corporations are taxable to the extent of the company’s earnings and profits (a tax term of art), they generally are eligible for preferential federal income tax treatment, just like long-term capital gains.
Does your company own a retreat in the woods or by the water? Unfortunately, you usually can’t deduct the costs of maintaining this “entertainment facility,” even if you use it to entertain business clients. Strategy: If it suits your needs, allow rank-and-file employees to use the place, too.
Fantasy sports is sweeping the nation. It can range from casual leagues just for fun to heavy betting for high stakes. Strategy: Learn the tax consequences. If you don’t, you could land in hot water with the IRS.
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