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.
You’ve worked hard to build up a nest egg to leave to your heirs. But have you considered the possibility of an extended stay at a nursing home?
Most states allow you to take a tax deduction or credit for buying long-term care insurance. Here’s a breakdown of those tax breaks, according to an AARP analysis.
Thanks to a new law passed last year, you can take a lifetime tax credit up to $500 for the cost of energy-efficient improvements to your home. The key word is credit, which is a dollar-for-dollar reduction of your tax bill—much better than a simple deduction.
If you own a second home in a resort area and you’re using the place less often than before, why not turn that beach cottage or mountain cabin into a revenue producer by renting it out? This can turn out to be a tax-efficient strategy.
Don’t close the books on the 2005 tax year just yet. Higher-income families who filed for an extension on their individual returns may still be able to slip through a newly discovered, unintended tax loophole to trim even more taxes.
The answer to the age-old question above depends on many factors, not just taxes. But now that first-year bonus depreciation deductions are a thing of the past (they expired after 2004), the pendulum has swung in a new direction.
Will a grandson be taxed for income earned from an account set up by grandparents who do not claim him as a dependent?
Qualifying for the new manufacturing deduction.
Do I need to file Schedule C if I've started a business with my wife?