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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 budget deficit remains daunting, but the IRS has fewer resources to close the estimated $385 billion “tax gap.” Don’t be surprised if Congress is compelled to implement the “Buffett rule” or a similar revenue-generating provision. If you’re a high-income taxpayer, take steps now to reduce your tax exposure if the Buffett rule becomes law.
Q. My father is 88 and in poor health. He has a $80,000 capital loss carryover from 2013. Can this be transferred to a relative?
Q. I filed my tax return late but I’m getting a refund. Will I be penalized?
Accord­­ing to a statement from IRS Com­­mis­­sioner John Koskinen to the Asso­­ci­­ated Press, the IRS audited less than 1% of individual tax returns in 2013, the lowest overall rate since 2005.
The U.S. government, in cooperation with foreign jurisdictions, is making it tougher for taxpayers to stash money in “offshore accounts” and similar hiding places without meeting their tax obligations.

As we head into summer, the outlook for taxes remains cloudy. Here are 10 midyear tax moves that can’t miss under the existing tax rules.

On March 18 the IRS announced that one of its staffers used a thumb drive to walk out of the office with personal information on about 20,000 IRS employees (past and present) and independent contractors.
Q. I’m a 58-year-old self-employed person with a SEP and my 55-year-old wife contributed to her IRA. Am I an active participant for IRA purposes?
Although you don’t qualify for tax deductions, you may still stuff money into your traditional IRA each year. After all, the IRA still provides tax-deferred earnings, while the part of any distribution representing nondeductible contributions is tax-free. Strategy: Stop it and switch to a Roth.
It’s a common scenario: You’ve carved a subsidiary out of your main operation, so now you officially are the owner of two business entities. But that means you could be overpaying Social Security taxes if some of the employees work for both companies.
Q. I’m having my disabled mother’s mail sent to me. Should I send the IRS a change of address?
IRS efforts to drum up more tax revenue from foreign sources are yielding results.
Despite recent delays in enforcement of the health insurance mandate under “Obamacare”—officially titled the Patient Protection and Affordable Care Act—employers still must comply with other rules in the health insurance law. Alert: The Treasury Department recently issued new final regulations on the 90-day ­waiting-period rule for employers.
It seems simple enough, but one basic tax law principle is often ignored or misinterpreted by emotional taxpayers going through a divorce: Alimony payments are tax deductible while child support payments are not. Correspondingly, alimony payments are taxable to the recipient, while amounts paid for child support are tax free to the recipient.
Q. My husband is 62 and was laid off. Can he collect Social Security retirement and unemployment at the same time?
Q. I won $1,000 in a March Madness pool. Do I have to pay income tax on it?
On March 21 the IRS released the 2013 IRS Data Book, a summary of agency activities for the last fiscal year. Here are some highlights.
The conventional wisdom is that you should transfer money into a trust to avoid future tax on earnings in your high tax bracket. Strategy: Crazy, but you might arrange to take money out of a trust.
If you’re the victim of a personal theft, at least there’s a small silver tax lining: The amount of the loss is deductible if it qualifies under the casualty and theft loss rules.
Due to a recent tax law change, a lot of the guesswork for computing capital gains on sales of securities has been removed from the equation.
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