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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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Citing rising costs, the Treasury Department has announced that it is shutting down the myRA program. Participants will be receiving instructions on how to wrap things up.
Areader recently wrote us about a tax dilemma. “We bought U.S. Savings Bonds for my daughter when she was born and she also received Series EE Bonds as gifts. Now that she is entering her freshman year at college, we want to use the bonds to pay for tuition. Should she cash in all the bonds this year? And if she does, is all the interest tax exempt if the money is used to pay for college? Please help us out.”
There are certain tax advantages to operating your business as a pass-through entity like a partnership, an LLC treated as a partnership for tax purposes, or an S corporation. Notably, you escape the double taxation threat that C corporations face.
Are you planning to renovate an older building in a historic area? Before you start tearing down walls and destroying the fabric of the property, check to see if you’ll qualify for a unique tax break.
If you’re like many other small business owners, you may wait until the end of the year to buy property like equipment and computers. Don’t fall into a depreciation tax trap for property placed in service in the last quarter of the year.
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If someone “blows the whistle” on a tax cheat, the IRS may reward the informant. Currently, the whistleblower award must equal at least 15%, but no more than 30%, of the amount collected in the investigation.
The generous federal estate tax exemption—$5.49 million in 2017—can shield most estates from the federal estate tax, but some wealthy individuals need extra protection, especially if they own a lavish home.
We frequently advise readers to consult with their tax pro. But maybe you don’t have one or you’re not satisfied with your current arrangement. If you’re in the market for a tax pro, look for someone exhibiting these six qualities.
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