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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 need cash for a personal expense such as a child’s wedding, you may have more tax-smart options at your disposal than you think. Strategy: Consider withdrawing funds from a Roth IRA.
Do you provide support to an elderly parent or in-law? Under the new Tax Cuts and Jobs Act, dependency exemptions for supporting relatives are suspended for 2018-2025, but you may be able to salvage some tax benefits if the parent watches your young children while you and your spouse work.

It’s almost time for the kids to go back to school. How about you? Strategy: Take some classes related to your business.

The home sale gain exclusion for a principal residence is one of the biggest tax benefits on the books. But you can’t claim any tax breaks for a personal home if you sell it at a loss, whether or not it’s your principal residence. Strategy: Convert your home into an investment property. In other words, hold it out for rent to tenants.

Q. I donated appreciated stock to charity, and I want to reacquire more shares of the same stock. Does this violate the wash sale rule?
Q. I told my heirs that my closely held business interest is 100% exempt from federal estate tax. Am I right?

Suppose your spouse often helps out at work, but he or she isn’t on the payroll. Now you’re about to take an important business trip, and you need an assistant on call. Strategy: Make it official by hiring your spouse.

Are you holding shares of stock that have become worthless? At least you may be able to obtain some tax relief for your misfortune on your 2018 return.
A roundup of recent tax news about Obamacare, ID theft, taxpayer rights and ABLE.

Alimony paid by a taxpayer is deductible while child support is not. Conversely, alimony payments are taxable to the recipient, while amounts paid for child support are tax free. Be aware of these tax ramifications if you’re negotiating a divorce. Then make sure the decree properly reflects your tax expectations.

Q. Can you deduct the value of blood donated to a hospital as a medical expense or charitable donation?
The days of the three-martini lunch are long gone, but business people can still deduct meal expenses that meet certain requirements.
Do you own undeveloped real estate that you would like to preserve in its pristine state? There’s a way to accomplish this goal and claim a current tax deduction while you still retain ownership of the property.
If you operate a business as an S corp, you may be able to claim a valuable tax loss against your other income. But the tax law generally limits such losses to the amount of your basis in the stock, plus any outstanding loans made directly from you to the corporation.

Suppose your recently graduated child is looking to buy a starter home. You’d like to help out but you don’t have enough liquidity. Strategy: Take some money out of your IRA.

The Section 529 plan is a popular way for parents and grandparents to provide college funding for the younger generation. But suppose you’re the one thinking about college for the first time or going back to school. Why not set up a 529 plan for yourself?

Suppose your main place of business is your principal residence and you store valuables in a home office or a separate structure. Strategy: Install a home security system for the business part of the home.

Are you and your employees adequately protected in the event of a long-term illness? Strategy: Provide long-term care (LTC) insurance as a company-paid fringe benefit for employees (including yourself).

The “portability” provision in the federal estate tax provides greater flexibility in estate tax planning for married couples. Alert: The IRS has issued new final regulations pertaining to the portability provision.

Giving lifetime gifts to family members is a tried-and-true method for reducing your taxable estate. The problem? You have to give up control over the assets. Strategy: Set up a Crummey trust.

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