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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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The amount you transfer to a Section 529 plan for college savings on behalf of a beneficiary qualifies for the annual gift-tax exclusion. Strategy: Front-load your contributions to a Section 529 plan. The tax law allows you to give the equivalent of five years’ worth of contributions up front with no gift-tax consequences.

Your company may benefit from a special “bonus depreciation” deduction if it acquires business property this year. The bonus depreciation deduction is equal to 50% of the cost of qualified new (not used) assets placed in service in 2009. What’s more, you may be able to combine bonus depreciation with the Section 179 election.

When is your most diligent worker also your biggest lawsuit risk? Answer: When that nonexempt employee works through his or her lunch break or during other off-the-clock hours—a fact nobody realizes (or turns a blind eye to) until he or she sues for unpaid overtime.

Have you checked out the IRS on YouTube? Now you can tune in to videos that explain some of the key tax breaks included in the new economic stimulus law. Simply go to www.youtube.com/irsvideos to view the current play list.

The alternative minimum tax (AMT) was originally designed to ensure wealthy individuals don’t get off scot-free. But it's now hitting a greater percentage of middle-income taxpayers. Strategy: If you can avoid the AMT by shifting tax preference and adjustment items into next year, do it. But if you can’t escape the AMT this year, accelerate income into 2010 ...

Consumers spend 80% of their income within 20 miles of home. That means your marketing should cover at least a 20-mile radius.

It’s easy for employees to fall into the trap of going through the motions. Fortunately, there’s a way that employers can break the routine without breaking the bank. Strategy: Establish a program of achievement awards. If you handle things right, the awards are tax-free to employees and fully deductible by your company. What’s more, the program can increase productivity and boost morale.

Have you been setting aside funds in a Section 529 plan for your child’s college education? If your child has entered school, you can withdraw the funds tax-free to pay for qualified expenses. But you may be inclined to keep the account intact for a while longer so you can build up even more savings. Don’t do it.

Did you just get an e-mail purportedly from the IRS? Don’t believe it. Alert: The IRS is reminding taxpayers to be aware of identity theft scams using its name, logo or web site address. The idea is to trick you into disclosing vital personal information.

Q. I sold a real estate property to my son on the installment basis. Is there any tax problem if he resells it at a gain?

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