Midyear tax planning: Soak up 10 summertime tax savings

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in Hiring,Human Resources,Small Business Tax,Small Business Tax Deduction Strategies

Summer is the time that many people enjoy pleasurable pursuits. It might be golfing or boating, sightseeing or simply relaxing on a beach or at a pool. But you don’t have to limit your “fun” to outdoors activities.

Strategy: Take time to assess your tax situation. By making a few moves midway through the year, you can cut your 2010 tax bill by hundreds or thousands of dollars.

On the other hand, if you wait until the end of the year to seize these tax-saving opportunities, it’s often too late. Here are 10 timely techniques to contemplate.

1. Ramp up equipment purchases. The new Hiring Incentives to Restore Employment (HIRE) Act gives the tax go-ahead to spend freely. Under Section 179 of the tax code, you can write off up to $250,000 of qualified business assets placed in service in tax years beginning in 2010. Prior to the new law change, the maximum deduction was set at only $134,000.

The maximum Section 179 deduction is r...(register to read more)

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