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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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The tax law offers special benefits to active duty personnel, reservists and vets. Here’s a brief summary of the best.
This point can’t be emphasized enough: You must keep the detailed records required by the tax law to back up claims for charitable donations of property.
A new bill, entitled the Personal Health Investment Today Act, would change the definition of “medical care” to allow a deduction of up to $1,000 ($2,000 for joint filers) for qualified sports and fitness expenses.
Although you might have just put your 2014 tax return to bed, you could get a wake-up call: uncovering an error that cost you hundreds or even thousands of tax dollars. Strategy: File an amended return with Uncle Sam.
A spotlight on recent developments at the IRS and elsewhere.
A Section 529 plan allows parents to set aside funds for a child’s college education on a tax-free basis. But it’s not without its perils.
If your teenage child needs a job for the summer, the perfect solution might be right in front of you.
According to a preliminary report by the Treasury Inspector General of Tax Administration, callers to the IRS toll-free hotline through March 7, 2015, were unsuccessful 38.5% of the time.
Suppose your home is burglarized while you’re away. Of course, you have to promptly notify the local authorities and your insurance company. But is that the end of the matter? Not as far as taxes are concerned.
The tax law enacted late in 2014—the Tax Increase Prevention Act of 2014—gives away tax breaks with one hand and takes them away with the other.
Q. I’m helping a nonprofit build a structure, and I’m paying some of the cost. Is this deductible? C.B., Santa Fe, N.M.
Of course, taxes aren’t everything, but some highly taxed U.S. citizens are relocating abroad.
It’s your company, after all, so you deserve the lion’s share of the retirement plan benefits. But it doesn’t always work out that way. Stringent anti-discrimination rules limit the amounts you can salt away in your own account even if you had to skimp in earlier years while you were building up the business. Strategy: Add an age-weighted component to a profit-sharing plan.
The tax law allows you to deduct job-related moving expenses as long as you meet this two-part test.
Q. I’m retiring later this year. Can I contribute to a Roth IRA in addition to my 401(k)? D.A., Baltimore
Q. I picked up $12,000 of my mother’s medical rehab expenses that weren’t covered by insurance. Can I deduct those? M.T.G., Van Nuys, Calif.
If you’re selling a prime piece of real estate, you can probably get top dollar in today’s market. But it may be worthwhile to structure the deal so you receive payments over several years.

The IRS recently issued its Winter 2015 Statistics of Income Bulletin. It contains a wealth of valuable tax return income information relating to partnerships and sole proprietors.

The maximum Section 179 deduction allowance of $500,000 expired at the end of 2014. For tax years beginning in 2015, the maximum deduction will be only $25,000 unless Congress takes action.
The IRS generates this letter when its computers stop a suspicious tax return in its tracks and the agency needs more information to process it accurately.
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