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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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What will happen if you’re suddenly unable to handle your financial affairs? It can cause a big mess if you haven’t made any provisions for this possibility. Strategy: Include a power of attorney in your estate plan.
We don’t have a clear picture about the shape tax reform will take, if any, this year. Thus, it appears the “status quo” may apply for this year for high-income investors. Strategy: Include municipal bonds.
Supreme Court reverses “church plans” ruling ... New vet tax break ... Correspondence audits test program ... Deadline extension for FBARs ... IRS rulings come at a steep price
It’s tough for a child just starting out to buy a home in today’s pricey real estate market. Strategy: Consider an “equity sharing” arrangement.
Suppose you hire several “outsiders” to do some “inside” work. Are they employees or independent contractors? It can make a big tax difference.
Although dividends paid by C corporations are taxable to the extent of the company’s earnings and profits (a tax term of art), they generally are eligible for preferential federal income tax treatment, just like long-term capital gains.
Does your company own a retreat in the woods or by the water? Unfortunately, you usually can’t deduct the costs of maintaining this “entertainment facility,” even if you use it to entertain business clients. Strategy: If it suits your needs, allow rank-and-file employees to use the place, too.
Fantasy sports is sweeping the nation. It can range from casual leagues just for fun to heavy betting for high stakes. Strategy: Learn the tax consequences. If you don’t, you could land in hot water with the IRS.
Are you ready to hand over the business reins to the younger generation? If you’re like many small business owners, you may stick around in an advisory role. Strategy: Max out on your 401(k). This will help you accumulate even more savings for retirement.

Gold remains a popular hedge for sophisticated investors. Strategy: Watch out for a unique tax whammy. Unlike most other investments, gold is subject to a special long-term capital gains rate that is significantly higher than the usual rate.

With all the hubbub surrounding the Affordable Care Act (ACA), and legis­lative efforts to repeal or modify the ACA, it’s easy
to forget about other significant health care provisions.
Will you be sending your child to college soon? Even if you’re a successful business owner, don’t assume that you won’t qualify for need-based financial aid.
A qualified start-up company can now use the research credit to offset payroll tax liability instead of just income taxes.
Alert for S corporation owners ... Simplified method for home office expense deductions ... AICPA in D.C. ... Backlash for the private tax debt collection program
Make higher-education credit count ... Beware of the NII tax in ’17 ... Kiddie tax as part of divorce ... Key 401(k) exception for early retirees ... You’re readiing a tax deduction
If you are making a move because of your job, you may be entitled to deduct certain moving expenses. Alert: The write-off isn’t automatic. To qualify for this tax break, you must meet a two-part tax law test involving distance and time.
Although Bitcoin isn’t “mainstream” yet—far from it—the tide appears to be slowly turning. Even if you’re not using this virtual currency or others like it for yourself or your business, it may have touched your life in one way or another.
Usually, the IRS will stick to its guns on its calculation of the reasonable collection potential (RCP). Not in this new case.
Do you own incentive stock options (ISOs) issued by your company? They can provide big tax benefits if you’re careful.
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