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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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Under Section 162 of the tax code, your business can deduct a wide range of “ordinary and necessary” business expenses. This may include bona fide business management fees paid to professionals or a management firm used for this purpose. But you can’t deduct expenses just because you’ve labeled them as “management fees.”

Suppose you have unexpected medical expenses and you’ve exhausted your disposable funds. If there’s nowhere else to turn, consider an unconventional source. Strategy: Tap into your 401(k) or IRA in a pinch.
If you bought real estate years ago that has appreciated in value, you could be sitting on a king-size taxable gain when you finally sell the castle. Fortunately, there’s a way you might postpone the taxable gain until a time when you will pay a lower tax rate—or perhaps forever!
The IRS admits that it sent out thousands of faulty tax bills in July. If you received a CP2000 notice, it may include an incorrect interest calculation.
Do you own pristine land in the countryside that you would like to preserve for eternity? Strategy: Donate a “conservation easement” to a qualified charitable organization.
Although you can’t deduct the value of the services you provide on behalf of a charity, you can still claim tax write-offs relating to your activities. Here’s a rundown of several common examples.
Budget cuts at the IRS are being felt in several places. In addition to closing its doors for several extra days this summer, the agency has announced it is cutting back on private letter rulings.
Q. As the estate’s executor, can I deduct funeral expenses for a family member on his federal income tax return?
Q. I’m using the flat rate auto deduction for business travel. I had an accident costing me $3,000 out-of-pocket. Can I deduct it? K.U., Burlington, Vt.
The IRS is backing away from two e-filing services used by tax pros.
Do you own a life insurance policy? If so, the proceeds from the policy will be included in your taxable estate when you die. Strategy: Set up an irrevocable life insurance trust (ILIT). Then transfer ownership of the policy to the ILIT. Accordingly, the life insurance proceeds are removed from your estate.
The early bird often gets the worm. So you might not wait until the waning days of the year to harvest capital losses from selling securities held in taxable brokerage firm accounts.
Q. I’m getting divorced and won’t likely have any salary of my own this year. Can I still contribute to an IRA for 2013?
The SSA Office of the Chief Actuary projects that the Social Secu­­rity wage base will increase from $113,700 for 2013 to $115,500 for 2014.
Q. My partner has convinced me to buy iPads for all our employees. Can we deduct the full cost? S.B., Cincinnati
The Section 179 deduction is as good as it’s ever been. The American Taxpayer Relief Act of 2012 (ATRA) extended the maximum allowance to $500,000 through tax years beginning in 2013. Strategy: Stretch to buy extra equipment this year.
You’re probably well aware of the benefits of using a Section 529 to save money for a child’s college education. But you may not know how to bulk up a child’s account faster without any gift tax problems. Here's how.
If you conduct administrative duties at home and you have no other fixed location where you conduct such activities, you can qualify for home office deductions. The rules in this area were changed by the Tax­­payer Relief Act of 1997 in the wake of a land­­mark Supreme Court case. Now it’s easier for self-employed individuals to take write-offs.
The recent Supreme Court ruling striking down the Defense of Marriage Act (DOMA) will have wide-ranging federal tax implications. Significantly, same-sex married couples will generally be eligible to file joint returns.
Usually, a small business owner works long hours at his or her trade. But you might own a significant interest in another business operation, or perhaps your main business, where you mostly sit on the sidelines. Strategy: Turn your “passive” busi­­ness interest into an “active” one.
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