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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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As the presidential election draws closer, tax reform is definitely on the table, and President Obama and Mitt Romney have offered different tax proposals. Strategy: Compare the two sides on tax issues. This could help determine your choice when you cast your ballot on Nov. 6.
The so-called “100% tax penalty” is one of the most-dreaded provisions in the entire tax law. If you’re held responsible for unpaid federal payroll taxes that were withheld from employee paychecks, you may be personally liable for 100% of the unpaid amount.

Where do you stand statistically in comparison to other taxpayers? Find out in the spring 2012 issue of the Statistics of Income Bulletin, which the IRS recently released to the public.

If you want to make a large donation to your favorite charity, you don’t necessarily have to give cash. Instead, you might donate shares of stock in your portfolio. Strategy: All other things being equal, give away stock with a low tax basis. Conversely, you should generally hold onto stock with a high basis.

Q. My husband and I are getting a divorce. If we sell our home afterward, can we still claim the home sale exclusion?

The IRS has issued new guidance on an important change for flexible spending accounts (FSAs) beginning in 2013. A $2,500 cap will apply to contributions made to health care FSAs. The limit on FSAs for dependent care expenses remains at $5,000.

If your child will be entering or returning to college this fall, he or she may prefer off-campus housing to living in a dorm. At the same time, you could be looking to acquire real estate property for the investment and tax benefits. Fortunately, there’s a way you can kill two birds with one stone.

The IRS has implemented a new pilot program designed to aid law enforcement in obtaining tax return data to help investigate and prosecute specific cases of identity theft.
As the November elections draw closer, the IRS aims to ramp up its investigations of political campaigning by “social welfare groups” and other nonprofit organizations. It will be carefully eyeballing these entities to ensure they don’t cross the boundaries established by law.
The U.S. Supreme Court has generally upheld the con­­sti­­tu­­tion­­ality of the Patient Pro­­tec­­tion and Affordable Care Act of 2010. This means the tax-related provisions in the law will stand, so the tax bill for some tax­­payers will increase, starting next year.
Can an IRS agent walk up to your front door if you’ve posted a “No trespassing” sign on the property?

Q. I have to take required minimum distributions from my IRAs. Can I take the RMD for the current tax year from just one of the IRA accounts?

Q. We just found out that our employer didn’t pay its payroll taxes for two years. Am I in trouble with the IRS?
In a move that could lead to significant tax repercussions, Amazon.com began collecting tax on its online sales in Texas on July 1. Amazon now collects sales tax also in Kansas, Ken­tucky, North Dakota, New York and Wash­ing­ton. Pennsylvania and California will follow in September.
A mass rally recently held in Chicago sparked debate over a transactional tax on the financial community. A coalition of nurses’ unions and other activists gathered together to protest the vast wealth accumulating in securities.
Q. I want to reward a good client with gifts to his staff. Can I give each one a tax-deductible business gift?
Why are Roth 401(k)s back in the public eye? Uncle Sam just announced they’re approved for millions of federal government workers. Private employers may be intrigued.

One of the best fringe benefits around is the tax exclusion for employer-paid group-term life insurance. But the exclusion is limited to the first $50,000 of coverage, hardly enough for you and other top employees. Strategy: Adopt an informal death benefit plan for a select group of employees. If you handle things right, your company can provide extra life insurance coverage at no tax cost to the employees.

If you gamble for fun, go ahead and enjoy yourself, as long as you stay within reason. Only gamble what you can afford to lose. And don’t forget about the tax consequences:
The IRS has extended the deadline until Jan. 1, 2014, to implement the new basis reporting rules for bonds, other debt instruments and options.
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