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Articles by Small Business Tax Strategies

Savvy small businesses take a proactive approach to seizing all the business tax credits and deductions they’re legally entitled to under current tax law. Don’t add to your tax bill by overlooking crucial write-offs or stumbling over IRS penalties. Find Small Business Tax Deduction Strategies on: depreciation expense, employment taxes, business gifts, family business, business expenses, vehicle leasing and buy-sell agreements. Learn about Section 179 depreciation and IRS regulations that affect small business tax issues.

Small Business Tax Strategies

Shave FICA tax bill on shared employees

by Small Business Tax Strategies on February 9, 2012 11:00am

in Small Business Tax, Small Business Tax Deduction Strategies

Suppose you’ve carved a subsidiary out of your main operation, so now you officially own two business entities. Potential problem: If certain employees work for both companies, you could be paying more employment tax than you’re required to under the law. Strategy: Assign a “common paymaster” to handle employment taxes.

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New tax credit for hiring vets

by Small Business Tax Strategies on February 8, 2012 1:00pm

in Small Business Tax, Small Business Tax Deduction Strategies

The new VOW to Hire Heroes Act, provides enhanced tax credits to employers that hire military veterans. Strategy: Adjust your hiring policies to accommodate vets. The changes could be worth thousands of dollars in tax savings to your company.

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Taking your tax chances on raffle tickets

by Small Business Tax Strategies on February 5, 2012 11:00am

in Small Business Tax, Small Business Tax Deduction Strategies

Q.  If I buy a $100 raffle ticket for charity and don’t win, can I deduct the full amount?

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Preserve estate tax discount for business real estate

by Small Business Tax Strategies on February 3, 2012 5:00pm

in Small Business Tax, Small Business Tax Deduction Strategies

Your business is part of your legacy, so you probably don’t want the company’s building to be sold and bulldozed right after you die. However, your heirs may be strapped for cash if they have to pay federal estate tax on the value of the inherited business. Strategy: Point out the special use valuation break.

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Re-examine merits of Health Savings Accounts

by Small Business Tax Strategies on February 2, 2012 2:00pm

in Small Business Tax

The debate over the constitutionality of the massive health care legislation enacted in 2010 continues. It’s not certain if most of the provisions will kick in as scheduled … or ever. Strategy: Take a second look at Health Savings Accounts (HSAs). They may be a tax-smart way for you to handle your medical expenses.

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Payroll taxes: Tax relief … for now

by Small Business Tax Strategies on February 1, 2012 3:00pm

in Small Business Tax, Small Business Tax Deduction Strategies

Just when it looked darkest, Congress revived a tax break for employees, at least for the short term. New legislation enacted late in 2011 temporarily extends the “payroll tax holiday” for two more months. And Congress is already working on an extension for the remainder of 2012.

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Deduct bonuses first, and then pay them later

by Small Business Tax Strategies on January 31, 2012 3:00pm

in Small Business Tax

Generally, a calendar-year company deducts employee bonuses in the year they are paid, while the bonuses are taxable to the employees in the year received. But there’s a special rule for accrual-basis companies.

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Higher Medicare Part B premiums in 2012

by Small Business Tax Strategies on January 30, 2012 3:00pm

in Small Business Tax, Small Business Tax Deduction Strategies

The cost of everything else seems to be going up … why not Medicare Part B premiums? The government recently announced a modest increase in the monthly premiums for 2012. But it amounts to a reduction for senior citi­zens who enrolled in Part B in 2010 and 2011.

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Book foreign travel deductions

by Small Business Tax Strategies on January 30, 2012 9:00am

in Centerpiece, Small Business Tax, Small Business Tax Deduction Strategies

It’s a global economy. Even small business operations have established relationships with clients and vendors in foreign countries. So you may find yourself globe-trotting on behalf of your company. Here are the tax “ins and outs” for foreign business travel.

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Medicare doughnut hole not as wide as before

by Small Business Tax Strategies on January 28, 2012 1:00pm

in Small Business Tax, Small Business Tax Deduction Strategies

Q. I’ve been informed that I’m in the doughnut hole for Medicare. Wasn’t this eliminated?

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