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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 IRS is under fire for spending $60,000 on two videos spoofing the iconic TV shows “Star Trek” and “Gilligan’s Island.”
Just because you use a tax pro to handle tax matters doesn’t absolve you from tax liability. In fact, you could still be hit with a penalty when you use a professional to prepare your federal tax return, unless you meet certain requirements.
Are you looking to “go green” with your next vehicle purchase? Consider a plug-in electric vehicle. If the vehicle qualifies under the latest tax laws, you can claim a tax credit.

Q. My accountant says there is a limit on the business deductions we can claim for leasing a car. Is this true?

Q. I forgot to take my required IRA distribution for 2012. Is it too late to do it? 
If your business is growing by leaps and bounds, you may be poised to gobble up one of your competitors. Naturally, this will increase your overall payroll tax bill. Just be careful that you don’t overpay.
For years, retirement plan options for small business owners were limited. But not now. Strategy: Compare the Simplified Employee Pensions (SEP) with the Savings Incentive Match Plan for Employees (SIMPLE). Here’s a review of the key aspects of the two plans.
Are you confident about having saved enough for retirement? Here are the results of the Employee Benefit Research Institute’s 23rd annual Retirement Confidence Survey.
Q. Can we still claim the child care credit if the caregiver is a relative who lives in our home? K.P., Tarrytown, N.Y.
Now that charitable deductions are being reduced for upper-income taxpayers by the new American Taxpayer Relief Act, you may be pickier about giving to charity. There’s a way you can make your donations count while keeping the maximum tax benefits allowed under law.
The Social Secu­­rity Administration estimates that the Social Secu­­rity program’s assets will gradually decline until they are exhausted in 2033 due the heavy influx of baby boomers entering the retirement benefits system. A new study provides four options for closing the financing gap.
That’s not a misprint. You can qualify for a 0% tax rate on some or all of your long-term capital gains realized in 2013. This unique tax break, recently extended by the American Taxpayer Relief Act, isn’t necessarily off-limits to taxpayers who are doing OK financially.
Don’t want your child lounging around this summer while school's out? If you're a business owner, it doesn’t have to be that way. Strategy: Put your child to work for your company as an official employee.
The nation’s tax collector is backpedaling on a controversial policy found in its manual that permits email snooping without first obtaining a warrant.
Don’t be surprised if you can’t get through to the IRS the next time you need its ­services. Due to the sequester and other budgetary restraints necessitating furloughs of its staffers, the IRS recently announced it will shutter its doors on May 24, June 14, July 5, July 22 and Aug. 30.
Q. In a recent article, you said the new $2,500 FSA limit is on an individual basis. Does this limit apply separately to a married couple?
On March 25, 2013, the IRS announced the release of its 2012 Data Book, which provides a snapshot of agency activities. The report includes information about returns filed, taxes collected, enforcement actions, taxpayer assistance, and the IRS budget and workforce, along with other data, from Oct. 1, 2011, through Sept. 30, 2012.
The IRS is gearing up to find a new audit avenue to small to midsize corporations.
Thanks to the Tax Cuts and Jobs Act, it’s a good time to operate a business as a C corporation. In fact, you may be inclined to change to the C corp form of ownership, depending on your situation.
They’re b-a-a-a-a-ck. No, we’re not referring to poltergeist, but rather the research credits that were previously available to business entities. The research credit had technically expired after 2011, but the American Taxpayer Relief Act reinstates it, retroactive to Jan. 1, 2012, and extends it through 2013.
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