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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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Areader recently wrote us about a tax dilemma. “We bought U.S. Savings Bonds for my daughter when she was born and she also received Series EE Bonds as gifts. Now that she is entering her freshman year at college, we want to use the bonds to pay for tuition. Should she cash in all the bonds this year? And if she does, is all the interest tax exempt if the money is used to pay for college? Please help us out.”
There are certain tax advantages to operating your business as a pass-through entity like a partnership, an LLC treated as a partnership for tax purposes, or an S corporation. Notably, you escape the double taxation threat that C corporations face.
The new tax law preserves a major tax credit for building renovations, but with certain modifications.
If you’re like many other small business owners, you may wait until the end of the year to buy property like equipment and computers. Don’t fall into a depreciation tax trap for property placed in service in the last quarter of the year.
Good news and bad news about ID theft ... A new way to contact the IRS ... Shoddy craftsmanship in this rent deal ... Renew your ITIN ... How much was the King of Pop worth?
Create your own business space ... Does employer owe extra payroll tax? ... Capital losses in years gone by ... Ins and outs of dependency exemption
If someone “blows the whistle” on a tax cheat, the IRS may reward the informant. Currently, the whistleblower award must equal at least 15%, but no more than 30%, of the amount collected in the investigation.
The generous federal estate tax exemption—$5.49 million in 2017—can shield most estates from the federal estate tax, but some wealthy individuals need extra protection, especially if they own a lavish home.
We frequently advise readers to consult with their tax pro. But maybe you don’t have one or you’re not satisfied with your current arrangement. If you’re in the market for a tax pro, look for someone exhibiting these six qualities.
Pulling off a like-kind exchange under Section 1031 is often easier said than done. Usually, the owner of property you have your eyes on isn’t interested in any property you own.
Are you having trouble collecting money for goods or services your business has provided? Consider these three strategies for securing bad-debt deductions.
Suppose you’re in line to inherit an IRA from an elderly family member, like a parent. If it suits your purposes, disclaim the inherited IRA. Use a “qualified disclaimer” before the transfer ever occurs.
Keep detailed records if your personal (nonbusiness) property is damaged or destroyed. Although it is small solace, you may be able to claim a casualty loss deduction on your 2017 tax return.
A new decision made in favor of a hallowed professional hockey team may lead to tax breaks for employers of all stripes.
You can’t divorce early IRA distributions ... The end of the myRA ... Don’t claim a business loss if your wages are high ... Beware spear phishing ... The IRS has money woes
As summer winds down, you may decide to host an outdoor party at your home, including business clients and friends. Depending on the situation, you may be able to write off a larger share of the home entertainment cost.
No tax break for parking tickets ... Avoiding the wash sale rule ... Postponing RMDs ... Taxable income from a 4-year-old’s inheritance
Frequently, taxpayers will try to turn a personal pursuit into a legitimate business operation, enabling them to deduct expenses in excess of the income produced by the activity. But you must at least try to turn a profit or your deductions will be limited to the income produced by the activity under the hobby loss rule.
The IRS is cautioning taxpayers about a new scam making the rounds, involving the Electronic Federal Tax Payment System. In this scam, someone impersonating an IRS representative on the phone demands an immediate tax payment through a prepaid debit card.
You can’t avoid FICA tax on wages. However, as fall approaches, you might be able to lessen the tax impact with a couple of deft moves.
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