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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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You may be able to write off rental payments you make for office space—even if you’re the landlord and the place of business is your home. But this setup between “related parties” could raise eyebrows at the IRS, so be prepared to show that the rental is legit. In a new case, the taxpayer failed to convince the Tax Court.
The IRS has issued its annual list of the “Dirty Dozen” tax scams.
Beginning in 2018, the Tax Cuts and Jobs Act gives a boost to tax-advantaged accounts for disabled individuals.
Tax on Olympic medals? ... When your personal tax information airs on the radio ... Phishing bait for tax pros ... No more mercy for foreign accounts
Suppose your spouse’s car was damaged when he or she skidded on a slick road in April. It’s going to cost you $3,000 out-of-pocket to repair. But you can’t claim a casualty loss deduction anymore in 2018. Are you out of luck? Maybe not.
The new Tax Cuts and Jobs Act makes it tougher for certain taxpayers to cash in on a tax break for “carried interests,” but left the door slightly open. In a new Notice, the agency limits a special exception in the new law that was carved out for the benefit of C corporations.
It has probably taken you many years—plus tons of hard work—to build up your small business empire. But now that you’re closing in on retirement, you’d like to preserve most of your assets for your family without paying a king’s ransom in taxes. Strategy: Set up a “dynasty trust.”
If you’re planning to donate stock to charity this year, there’s a “right way” and a “wrong way” to do it.
The new tax law cracks down on mortgage interest deductions for home equity loans. But there’s a way you can tilt the new rules to your tax advantage.

529 plan payouts off-campus ... Tax success for achievement awards ... Clock is ticking on alimony ... No wash sale rule for Bitcoin

A taxpayer who worked as a bodyguard for celebrities tried to deduct a wide range of unreimbursed expenses. Eventually, the case went to court.

Does your home have cracks in its foundation? Depending on the cause, you may qualify for a casualty loss deduction on your 2017 return.

Wealthy married couples have the extra tax advantage of exemption portability. Strategy: Ensure a proper “deceased spousal unused exemption” election. Any unused portion of the deceased spouse’s estate tax exemption can be utilized by the surviving spouse’s estate.

Common situation: You gave a client front-row tickets to the biggest event in town. Business gift or entertainment? It could go other either way.

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Hire youths eligible for the “summertime” version of the Work Opportunity Tax Credit. It can be claimed for workers age 16 or 17 who reside in an empowerment zone or enterprise community.

2017 might be the last year you decide between deducting personal (nonbusiness) state and local income taxes or state and local general sales taxes on your federal income tax return.

If qualified property is acquired and placed in service in 2018, you can benefit from enhanced “expensing” and other Tax Cuts and Jobs Act provisions relating to depreciation.

If you claim the tuition deduction for a student, you can’t claim the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit (LLC).

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