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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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When a couple with minor children divorce or separate, one key consideration is the custody of the kids. But this raises an interesting question: Who gets custody of the kids’ dependent exemption deductions?
In a case of first impression, the 9th Circuit Court of Appeals reversed the Tax Court’s earlier ruling and concluded that the limits for mortgage interest apply on an individual (per-taxpayer) basis when homes are co-owned by unmarried individuals. As a result, an unmarried couple that owned homes together could write off the interest on a combined total of $2.2 million of mortgage debt.
Gear up for the Cadillac tax ... There's a new due date for FBARs ... It's getting tougher to qualify as an independent contractor.
Do you own a boat or a car you might donate to charity? Before you pull the trigger, consider another option.
Are you paying interest on a personal loan or credit card charges? Generally, you can’t derive any tax benefits from the interest on these loans. It’s considered a personal expense and is therefore nondeductible. Strategy: When appropriate, consolidate debts under a home equity loan.
If you recently acquired or started a new business, or if it took several years for your company to become profitable, you may be ready to put more money into employee benefit plans like a qualified retirement plan. Strategy: Get your retirement plan going before the end of the business tax year. This will entitle your business to a tax credit—a dollar-for-dollar reduction of the company’s tax bill—for plan startup costs.
Suppose that your child in college plans to move off-campus next semester. At the same time, you’re looking to buy real estate to shelter income from tax. This could be an opportunity to kill two birds with one stone.
Suppose your employees regularly incur business expenses that aren’t reimbursed by your company. For example, they might personally pay for business travel or tools. In that case, there’s a way to save income tax for employees while cutting payroll taxes for your company.
There’s a way to simplify recordkeeping for business travel expenses. Use IRS-approved per diem rates. Your company can rely on this shortcut for lodging and meals and incidental expenses of employees on business travel.
Now that autumn has arrived, it’s time to begin “harvesting” capital gains or losses from selling securities held in taxable brokerage firm accounts.
It’s not unusual for business owners and other company bigwigs to agree to deferred compensation (“deferred comp”) arrangements. In short, you earn the money now, and it’s not available until later. Under the tax rules for deferred comp, you may owe tax on money you haven’t received yet. But there’s an intriguing solution.
As things stand now, the tax breaks for buying depreciable business property have been watered down for the 2015 tax year. Consider leasing business equipment instead of buying it.
A roundup of recent tax news about filing deadlines, ACA overpayments, affording higher education ... and Uber.

Make withholding adjustments midyear ... Shift gears on a business car deduction ... Tack sales tax onto Section 179.

Now that fall is arriving, it’s time for the kids to go back to school. If your grandchildren attend college or private school, your adult children (their parents) may be struggling with ever-rising tuition costs. How can you help?
Q. My father turned 70½ in 2014 but died early in 2015. Did he need to take an RMD from IRAs for 2014?
A tax that is often thought to be a remnant of days long gone by can still come back to haunt business owners.
Saving more for retirement is easier said than done, especially if you’re currently strapped for cash. But there's a painless strategy to make it happen.
As a general rule, legal fees incurred by a business are deductible when they arise in the context of a business activity. This is based on the origin and character of the claim.
We’re often asked about tax consequences surrounding environmental cleanup costs. The answer is usually pretty much the same: Cleanup costs must be capitalized, so there’s no current write-off for the employer. Strategy: Take a different approach for removing mold from a business building.
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