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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All the buzz about Roth IRAs in 2010 is about the new rules for conversions. For the first time ever, you can convert a traditional IRA to a Roth, regardless of your annual income. But nothing has changed in the rules for Roth IRA distributions. Unless payouts of accumulated Roth account earnings meet the definition of “qualified distributions,” they are subject to tax.
Now that the massive health care law has finally been enacted, federal estate tax reform could be next. One interesting idea that has recently surfaced is to give estates a choice between observing the status quo (i.e., no estate tax in 2010) or the rules in effect in 2009.
Do you want to help put young grandchildren through college? Establish Section 529 plan accounts and name the kids as the account beneficiaries. Future distributions for qualified higher-education expenses are tax-free.

Q. If I buy gold as an inflation hedge, will I qualify for low-taxed capital gain if I sell it after one year?

Q. I’m selling my home on the installment basis. Does this qualify for the home sale exclusion?

How do you account for gambling wins and losses at a casino? A new Tax Court decision represents a victory for casual gamblers because it says they can determine their net win or net loss at the end of each gambling session. In contrast, the IRS has historically made the argument that a win or loss must be recorded after each slot machine pull or roll of the dice.

The new health care law means new obligations for insurance companies, plus new responsibilities for employers. Here are the specifics:

The alternative minimum tax (AMT) doesn’t appear to be going away anytime soon. According to one estimate, the number of individuals paying the AMT in 2010 could jump to more than 30 million. Strategy: Determine if you could be hit by this “stealth tax” for the first time this year. In particular, investors may be blindsided. Here are five prime examples:

Q. We have several employees that have been laid off and are receiving unemployment benefits. They have asked whether they are required to pay taxes on their unemployment benefits.

Q. We have salespeople who work on a straight commission basis. Do we need to track their hours?

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