Small Business Tax — Page 30
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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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Although the employer health insurance mandate doesn’t take effect until 2016 for small-to-medium firms (2015 for large firms), the beat goes on for individuals in 2014. The IRS is issuing new forms for insurers, exchanges and individuals to help enforce the rules for those who are uninsured for more than nine months this year.

The tax law allows you to roll over funds from one traditional IRA to another tax-free. But you can only use this technique once a year. Strategy: Apply the once-a-year limit to all your IRAs.

If you itemized deductions last year, any state income tax refund you received is taxable on your 2013 return. Report it on Line 10, Form 1040.
Was your company forced to downsize its staff the past few years while the economy struggled? Strategy: If your company paid Social Security and Medicare taxes on severance payments to discharged employees, consider filing a protective refund claim before April 15.
The April 15 deadline for filing your 2013 individual federal income tax return is fast approaching. Pay close attention to details. In particular, be prepared to deal with some new twists and turns.
Q. My father passed away in 2013 with all his property going to my mother. Do I have to file an estate tax return?
Latest development: The IRS has launched a pilot program in Florida, Georgia and the District of Columbia where some individual filers can apply for a protected personal identification number.
On Feb. 26, House Ways & Means Committee Chairman Dave Camp, R-Mich., released his long-awaited draft of new tax reform legislation.
Ty Warner, founder of the Beanie Babies, was found to have evaded taxes of more than $3.3 million by hiding funds in foreign accounts.
Q. I’m taking an RMD from an IRA. Can I contribute it to a Roth IRA?
The IRS recently announced that the 2013 audit rate for individual returns dropped to 0.96%, or one out of every 104 returns that were filed, down from roughly 1% in 2012.
Are you planning to go to school to sharpen your business skills or chart a new career path? Depending on your situation, you may be able to deduct the cost of your course load. 
A key "Obamacare" provision was scheduled to take effect in 2014, but now the U.S. Department of the Treasury says penalties won’t be assessed before it issues comprehensive guidance on the new rules.

The Coverdell Education Savings Account, formerly the Education IRA, usually isn’t the absolute best way to quickly build a college fund for children. The annual contribution limits are relatively paltry when compared to the Section 529 plan alternative. Strategy: Take advantage of a little-noticed tax loophole.

The so-called passive activity loss rules limit the write-offs that certain real estate investors are able to claim. Now, the same investors could get socked by the new 3.8% Medicare surtax on their net rental income. But a real estate professional isn’t restricted by the PAL rules and their rental in­­come generally isn’t subject to the new surtax.
Q. Are the new rules for flexible spending accounts retroactive to 2013?
On Jan. 9, National Taxpayer Advocate Nina Olson delivered her annual report to Congress. Central to Olson’s theme this year was a renewed call for a comprehensive “Taxpayer Bill of Rights,” modeled after the Bill of Rights in the U.S. Constitution.
Are you at loggerheads with the IRS over a tax return from years ago? It may be weighing on your mind, but there’s a way you can put the matter to rest for good.
Do you think it was difficult to qualify for medical expense deductions in the past? It’s harder than ever due to new rules taking effect on 2013 returns.
Typically, a married couple benefits from filing a joint tax return, but not always. In some limited cases, you may do better overall by filing separate returns.
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