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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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Think about buying a new computer and related gear for business use: A little-noticed provision in the Tax Cuts and Jobs Act could really pay off.
The Tax Cuts and Jobs Act shuts down write-offs for corporate employees, but what about home office deductions for the unincorporated?
Tax guidance on vet costs ... No tax breaks for hobbies ... Seeking tax shelter in foreclosure
FBAR extension … State tax amnesty … Regs for pass-throughs … States sue the feds … Draft dodgers
It’s an age-old question with a new twist: Should you buy or lease equipment and other business property? While the Tax Cuts and Jobs Act improves the tax incentives for buying, this isn’t a slam dunk by any means.
Watch out for a new deduction limit for business interest. Under the Tax Cuts and Jobs Act, this deduction can’t exceed 30% of an affected business’s adjusted taxable income.
If the program is prescribed by a physician to combat a specific illness or disease like obesity, the cost qualifies for the deduction.
Suppose your teenaged child worked this past summer and raked in the money. Typically, your progeny might have an eye on the latest video game or smartphone, but there may be better ways for him or her to spend the hard-earned cash.
Tax guidance on vet costs ... No tax breaks for hobbies ... Seeking tax shelter in foreclosure
The trust fund penalty is one of the most onerous tax provisions on the books. The courts often come down hard on taxpayers. However, in a recent decision, the court showed some leniency.
The trust fund penalty is one of the most onerous tax provisions on the books. The courts often come down hard on taxpayers. However, in a recent decision, the court showed some leniency.
It’s an age-old question with a new twist: Should you buy or lease equipment and other business property? While the Tax Cuts and Jobs Act improves the tax incentives for buying, this isn’t a slam dunk by any means.
Watch out for a new deduction limit for business interest. Under the Tax Cuts and Jobs Act, this deduction can’t exceed 30% of an affected business’s adjusted taxable income.
Suppose your teenaged child worked this past summer and raked in the money. Typically, your progeny might have an eye on the latest video game or smartphone, but there may be better ways for him or her to spend the hard-earned cash.
If you operate an unincorporated business—say, a sole proprietorship—you may qualify for home office deductions. But the new Tax Cuts and Jobs Act shuts down write-offs for corporate employees.
More SALT in high-tax states … 1.4% tax for prestigious colleges … Tax-free rental income … Mercy for tax debtors … Don’t fear the CP2000
More tax on Social Security benefits … No change for business casualty losses … A home sale divided still stands … Not too old for an IRA
In a new decision, a taxpayer deducted the cost of charitable travel in her automobile, but she didn’t have the necessary records to back up her claims.
Tax twists for teenage child ... Getting personal about corporations ... Lost deduction for IRA fees ... Donating Savings Bonds to charity
Generally, you can only deduct losses from passive activities up to the amount of your income from passive activities for the year. But there are certain exceptions to this general rule.
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