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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Q. I’ve shifted from being self-employed to a corporation. Can my company pay the FICA tax being withheld from my paychecks?
In what has become an annual rite of passage, the IRS has issued its list of the “dirty dozen tax scams” for 2011. Here’s what you should be avoiding.
Q: An employee has taken a second job with our company on a part-time basis. Would our reimbursement of his travel expenses from his first job to our workplace be a tax-free reimbursement, or a taxable commuting expense?
Q. My friend insists he’s better off passing up the capital gains rate for bigger deductions. Is that possible?
The IRS bowed to public pressure and increased the standard mileage rate for business drivers midway through the year. The rate of 51 cents per mile (plus tolls and parking fees) jumped to 55.5 cents per mile effective July 1.
Keep taxes in mind for business travel plans. Depending on your situation, you might opt to go by car instead of plane if you’re expecting to tack some vacation time onto the trip. In fact, you could wind up spending a lot less on travel while deducting much more.

Do you own a life insurance policy on your own life? If so, you could be asking for tax trouble: The proceeds from the policy will be included in your taxable estate unless you take action. Strategy: Set up an irrevocable life insurance trust. Then transfer ownership of the policy to the trust.

Are you looking for a tax-favored investment that serves a valuable public need? You might not have to search far. Consider real estate developments that generate low-income housing credits. The credits are spread out over the time it takes to complete the project.

If you’ve been victimized by the vicious tornadoes or floods this year, or you have suffered personal casualty losses due to some other natural disaster, you may not have to wait until you file your 2011 tax return to recoup tax benefits.

Bonus depreciation is back and better than ever. Now the IRS has issued a new ruling on this revived tax break. The new IRS guidance provides certain options, including a downward election, plus coordination with other tax code sections and creates an “escape hatch” for business vehicle owners who might face unfavorable tax results under the new rules.

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