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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 price tag on a college diploma keeps going up, but at least you might be able to salvage some tax benefits if you’re paying the tab. Strategy: Maximize benefits for the American Opportunity Tax Credit.
Of course, higher taxes are a major concern for upper-income taxpayers in 2013. The top tax rate increases from 35% to 39.6% on ordinary income, while the maximum rate for capital gains and qualified dividends soars from 15% to 20%. But that isn’t the only tax obstacle in your path this year. Strategy: Don’t forget about the Alternative Minimum Tax (AMT).
It seems to happen every year. The fate of several soon-to-expire tax breaks for small businesses remains unknown. Here are seven of the “biggest and best” on the books.
Q. I’ve heard that municipal bonds are no longer tax-free. Is that true? E.H., Bellingham, Wash.
Usually, you’re guilty until proven innocent in the eyes of the IRS. But now the nation’s tax collection agency is making it easier for certain taxpayers, like those suffering in abusive situations, to qualify as an “innocent spouse.”
The most onerous rules for em­­ployers and employees included in the massive 2010 health care law—the Patient Protection and Affordable Care Act (PPACA)—have yet to take effect. But qualified small business owners may already benefit from a generous tax credit for providing health insurance coverage to workers.
Daniel Werfel, Acting IRS Commissioner, has acknowledged that identity theft in tax returns is still rising, despite IRS efforts to thwart it.
In the tax world, half a loaf, or at least part of a loaf, is usually better than no loaf at all. This principle applies if you’re selling your principal residence, but you don’t qualify for the generous home-sale gain exclusion.

The new tax law signed earlier this year—the American Taxpayer Relief Act (ATRA)—bestowed valuable estate and gift tax benefits on taxpayers. But a longtime gift tax break may have gotten lost in the shuffle.

The IRS refused to back off its plans to shut down two key services for tax pros.
Is your son or daughter getting married before the end of the year? Depending on their situation, your child may benefit from filing a joint tax return with his or her spouse, even though personal exemptions are no longer available.
Sometimes it pays to be just “average.” If your deductions line up close to the average for taxpayers in your income category, you’re more likely to fly under the IRS’ radar.
According to the National Taxpayer Advocate (NTA), the problems facing the IRS due to the “Tea Party scandal” are just the tip of the iceberg.
The heads of the two main tax-writing committees in Congress crisscrossed the United States this summer to solicit feedback about potential tax reform and ways to simplify the tax code.
Q. I’ve heard about a new tax on medical devices. Will this affect me in 2014? J.M.G., San Bernardino, Calif.
Q. I’ve had a home office for several years. Do I owe any tax if I sell the home? A.L., Manhasset, N.Y.
Q. I have several IRAs and I’m in my 70s. Do I have to take a set percentage from each one? I.S., Atlanta
Sooner or later, you're going to start thinking about handing over the reins of your business to the younger generation. Here's how to avoid a big tax hit when transferring ownership.
Q. My daughter works for a nonprofit. Based on a recent article, can she deduct her travel expenses? B.Z., Millburn, N.J.
Suppose you’re working on a project that takes you far from home for several months. Strategy: Wrap up temporary assignments in less than one year. As a result, you may be able to write off your travel expenses between your home and the temporary job site.
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