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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 personal computer (PC) has become part of the average American household. But if you’re self-employed and you use your PC extensively for business, you can lose valuable depreciation deductions by allowing family members to use it.
In short, the first $5,250 of expenses you pay on behalf of each participating employee is tax free. It doesn’t matter whether you reimburse employees for their expenses or pay the fees directly to the school.
If your child will start college or return to high school for his or her senior year this fall, he or she may qualify for a scholarship award based on talent, experience or achievement.
The IRS has admitted it goofed on tens of thousands of requests for filing extensions of 2005 returns.
More former business owners can rest easy in retirement. Here’s why: Congress is expected to protect ex-partners of former partnerships from having states pursue them for back taxes.
Q  My small building-maintenance business is negotiating to buy a competitor in the area. The owner says that its reputation as a reliable business is worth something. If I add such a separate provision to the contract for this value, can I deduct it this year? R.P., Toledo, Ohio
Q  I’m a significant shareholder in several prominent companies. If I show up at a stockholders meeting, can I deduct my travel expenses? T.H., Detroit  
Q  I’m planning to contribute to a political candidate’s campaign this year. Do I have to report my gift to the IRS? J.A., Monterey, Calif.

If you fall prey to a natural disaster or some other casualty—including theft—you may be able to write off some of your financial loss. And with the right tax moves, you’ll get an even bigger deduction.

Calculating provisional income from a small distribution from a Roth IRA
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