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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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Even though David Letterman has retired from late night TV, there’s still a top 10 list for small business owners to applaud.
Improvements made to the IRS2Go app ... A reprieve from the ACA ... Whistle-blowing for profit?
Do you provide flexible spending accounts for your employees? Generally, if the FSAs aren’t emptied out by year-end, the employees must forfeit the unused funds … forever. But thanks to recent IRS rulings, employers can now provide a “grace period” at the end of the year or allow employees to carry over up to $500 of any remaining balance.
Use this list to take ad­­van­­­­tage of the favorable tax provisions on the books while avoiding potential year-end pitfalls.
If you and your spouse run an unincorporated business together as the only two owners, the operation is generally treated as a partnership for tax purposes. In other words, you’re required to file a partnership tax return and otherwise comply with all the complicated federal income tax rules for partnerships. Strategy: Elect to treat the business as a “quali­­fied joint venture.”
The IRS has approved new “high-low” per diem rates for the federal government’s fiscal year 2016 spanning Oct. 1, 2015, through Sept. 30, 2016.
The person giving a gift, not the one receiving it, normally is liable for any gift tax. However, under Section 2801 of the tax code, gifts and bequests from covered expatriates are taxable to recipients, unless a special exception applies. Now the IRS has issued new proposed regu­­lations clarifying these rules.
Wealthy individuals can avoid dire estate tax consequences by shifting assets to a trust. But then the trust will likely be hit with sky-high income taxes during your lifetime. So think of setting up an “intentionally defective grantor trust.”
To paraphrase John F. Kennedy, it’s not what you do in your IRA, it’s what you can’t do.
I’ve been invited to join a nonprofit board; can I deduct my costs? ... Will my mandatory IRA distribution increase the tax on my Social Security benefits? ... Do we have to offer health insurance under Obamacare to employees we’re letting go?
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