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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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Now may be the time for savvy real estate investors to make a move. Strategy: Trade property you own for a “like-kind” property.

Following up on a 2014 Tax Court decision, the IRS is taking a tougher stance on the once-a-year rule for IRA rollovers in 2015. But you might still squeeze in under the wire.
In lieu of deducting actual business auto expenses, you can deduct a flat rate of 57.5 cents per business mile, up from 56 cents in 2014, plus parking and tolls.
While the Social Security wage base is going up, so are Social Security benefits.
Q. I have both a regular IRA and a Roth. Can I contribute to each one in 2014?
Q. Can our business claim a fast tax deduction for computer software placed in service in 2014?
Congress has passed new legislation retroactively extending more than 50 tax breaks that technically expired after 2013. The president was expected to sign the Tax Increase Prevention Act of 2014 into law.

The IRS often questions whether a particular hobby constitutes a business or if it’s just a hobby. Under the “hobby loss rule,” you can’t deduct expenses in excess of income, so no loss is allowed. In the latest example, a collector of sports memorabilia claimed losses for his activity, only to strike out in the Tax Court.

Q. We are paying our housekeeper to watch our children. Do we have to pay an extra nanny tax?
The IRS has announced the following inflation-based adjustments for qualified retirement plans in 2015.
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