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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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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.

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.

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.

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.

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

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

Deducting attorney's fees ... MLPs in IRAs ... Tax reform to come?

If you’re looking to cut your 2017 tax bill, you may still be able to do it, even though the tax year is over. Depending on the situation, you or someone else in your family—like a recently-graduated son or daughter—can still contribute to a traditional lRA and deduct all or part of the contribution.

Good news: Business is booming. However, if you find yourself short-staffed at work, look no further than across the dinner table.

Pay-ins for long-term care insurance ... No gift of carryover loss ... Program tax break for biz software ... What comes out in the wash

Where’s your “home” for income tax purposes? According to the prevailing tax rules and regulations, it’s the general area of your main workplace. If you’re self-employed, your tax home can be the place where you live, but the IRS may contest this assertion.

The time for cutting your 2017 tax bill is running out. Strategy: Donate to charity. This is usually one of the easiest ways to generate extra deductions at year-end.

Some proponents of tax reform have Section 529 plans squarely in their sights. Strategy: Set up an account now. Although no one knows for sure how and when these plans would be affected by tax reform—if at all—it’s better to be safe than sorry.

Keep this tax calendar handy for reference, when needed, during the year.

Take full advantage of the Section 179 deduction, but watch out for a key limit. This might reduce your deduction when you file your 2017 return in 2018.

Wage base bump ... Get transcripts via phone or mail ... Gift tax exclusion is increasing ... New '18 plan limits ... Check per diem rates

Do your business premises need a few minor repairs here or there? Strategy: Complete the repairs before the end of the year. The cost of the repairs is currently deductible, so you can still offset your company’s 2017 tax bill.

If you’re looking to sell real estate, you may have to structure the deal to make it acceptable to the buyer. But this could work to your tax advantage.

Reconverting a Roth ... Deducting home office expenses for a part-time job ... Income averaging for 401(k) distributions ... Too late for a 529?
In a new case, the Tax Court wouldn’t allow the parents of a precocious beauty pageant winner to deduct expenses attributable to their child, even though they were the ones paying the tab.
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