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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 tax law says that you can deduct the cost of traveling between two business locations. But no deduction is generally allowed for “commuting” between your home and workplace. Accordingly, in a new case, the Tax Court denied a deduction to a taxpayer, even though he traveled a great distance to work each day.
In response to the scandal involving tax-exempt applications by conservative groups, acting IRS Commissioner Daniel Werfel has released a new report outlining several ways the IRS can correct its flaws.
An article in the June 2013 issue of Forbes magazine certainly raised a few eyebrows in tax circles. According to the writer, William Baldwin, affluent retirees earning hundreds of thousands of dollars a year may actually pay zero federal income tax this year.
The IRS is giving some business entities more time to apply for a tax refund involving severance pay. Alert: The IRS says it will sign Form 907, Agree­­ment to Extend the Time to Bring Suit, for certain taxpayers who had a FICA tax refund claim disallowed based on a controversial 6th Cir­­cuit court ruling.
The IRS has reported that as of May 10 more than 43.6 million people e-filed returns from their homes in 2013, an increase of more than 4% at the same point in 2012 when 41.7 million tax­payers self-prepared e-filings.
Estate planning has been muddled for the past decade or so as professionals and taxpayers alike grappled with an ever-changing tax environment. At long last, the fog has lifted, thanks to the American Taxpayer Relief Act.
Generally, the amount received in a lawsuit settlement is taxable, unless a specific tax law exclusion applies.
A new revenue-raising proposal on Capitol Hill bears watching. It would require emptying out many inherited IRAs within five years under a provision that Senate Democrats added to a student loan relief measure.
Q. Our local municipal government provides $25 gift cards for our employees at Christmas. Are these gift cards taxable? D.O., Martinsville, Va.
Q. I’m selling my home for $800,000 and downsizing. Am I still eligible for any rollover tax deferral? S.K., West Islip, N.Y.
Do you need to employ more workers for an expanding business? The tax law provides a generous Work Opportunity Tax Credit for hiring certain disadvantaged workers. But you might do even better than the regular credit. Strategy: Hire a qualified veteran.
How can you best obtain affordable health care coverage in 2013 if you’re self-employed? Depending on your situation, you might be able to go through the “back door.”
Upper-income taxpayers could face a potential tax nightmare in 2013 due to a new 3.8% Medicare surtax on net investment income. Strategy: Wake up to reality. If you take tax action now, you might be able to reduce, or even eliminate, your liability for the new 3.8% surtax.
A yet-to-be ­disclosed health care provider is suing the IRS and 15 of its agents, alleging that medical records of 10 million Americans were illegally seized. The lawsuit claims the IRS violated the Fourth Amendment when the agents executed a search warrant for financial information on just one employee, turning it into a raid of epic proportions.
Q. Can I convert a personal pickup truck into a business vehicle and be able to claim tax deductions? S.T., Laguna Beach, Calif.
Other troubles are mounting at the IRS while the “Tea Party” scandal continues to brew. In a new report released by the Treasury Inspector General of Tax Administration (TIGTA), it was revealed that the IRS spent about $50 million at more than 200 training conferences held between 2010 and 2012.
While the economy slowly recovers, your business may still have trouble collecting past due accounts. Fortunately, there’s a silver tax lining in the dark cloud.
If you’re improving your home—say, putting in a deck or finishing a basement—a little forethought can provide some big tax savings. Strategy: Keep detailed records of home im­­prove­­ments. The costs aren’t deductible, but you can add them to the home’s basis, thereby reducing the taxable gain on a future sale.
Although the charitable contribution isn’t deductible, the distribution from the IRA isn’t taxable. And the payout qualifies as a required minimum distribution.
Q. I never hear about Coverdell IRAs anymore. Have they been repealed? L.P.S., Orlando, Fla.
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