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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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Medical expenses must be incurred primarily to alleviate or prevent a physical or mental defect or illness. They don’t include costs that are simply beneficial to your general health, such as vitamins or a relaxing vacation. Certain expenses that fall into a “gray area” may be contested in the courts.

Are you in danger of owing a penalty for underpaying federal income taxes in 2018? You still have time to set things right.

Are you one of the “holdouts” who still file their tax return on paper? Strategy: Switch to the e-filing method. According to the IRS, more than 135 million returns were e-filed last year.

Deducting attorney's fees ... MLPs in IRAs ... Tax reform to come?

Pay-ins for long-term care insurance ... No gift of carryover loss ... Program tax break for biz software ... What comes out in the wash

Where’s your “home” for income tax purposes? According to the prevailing tax rules and regulations, it’s the general area of your main workplace. If you’re self-employed, your tax home can be the place where you live, but the IRS may contest this assertion.

The time for cutting your 2017 tax bill is running out. Strategy: Donate to charity. This is usually one of the easiest ways to generate extra deductions at year-end.

Keep this tax calendar handy for reference, when needed, during the year.

Wage base bump ... Get transcripts via phone or mail ... Gift tax exclusion is increasing ... New '18 plan limits ... Check per diem rates

Do your business premises need a few minor repairs here or there? Strategy: Complete the repairs before the end of the year. The cost of the repairs is currently deductible, so you can still offset your company’s 2017 tax bill.

If you’re looking to sell real estate, you may have to structure the deal to make it acceptable to the buyer. But this could work to your tax advantage.

Reconverting a Roth ... Deducting home office expenses for a part-time job ... Income averaging for 401(k) distributions ... Too late for a 529?
In a new case, the Tax Court wouldn’t allow the parents of a precocious beauty pageant winner to deduct expenses attributable to their child, even though they were the ones paying the tab.
Believe it or not, even your teenagers can benefit from tax-saving retirement plans.

By making smart moves at the end of the year, you might save your business thousands of tax dollars. Here are seven tax strategies that may work out for your situation.

Are you planning to get married in the near future? Of course, the decision about when to tie the knot should not revolve solely around taxes, but it may be a consideration.
Donate leave to hurricane victims ... The gift-tax exclusion is increasing ... Settlement amounts for emotional distress are taxable ... Beware fake charities ... State amnesty programs
Frequently, gambling loss deductions are denied because taxpayers fail to keep the records required for write-offs. In a pinch, you might resort to the “Cohan rule” allowing an estimated loss to be deductible, but you must convince the court that you actually sustained deductible losses.
Citing rising costs, the Treasury Department has announced that it is shutting down the myRA program. Participants will be receiving instructions on how to wrap things up.
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