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. Can I invest in collectibles like gold and silver coins in my IRA?
The IRS recently announced new depreciation limits for vehicles placed in service in 2010. (IRS Revenue Procedure 2010-18) The limits under the “luxury car rules” are comparable to the ones for 2009 except that you can no longer qualify for 50% bonus depreciation. Here’s a quick summary of the maximum depreciation deductions for 2010.
The Tax Court recently ruled in favor of a taxpayer who claimed approximately $5,000 in medical deductions for expenses relating to a sex-change operation. At trial, the Tax Court said the taxpayer’s hormone therapy and sex-reassignment surgery were incurred for the treatment of a disease. Therefore, these costs constituted tax-deductible medical expenses and were not cosmetic.
The IRS last month published the forms employers need to claim payroll tax breaks offered under the new HIRE Act. The forms include a new Form W-11 (HIRE Act Employee Affidavit) and a revised Form 941 (Employer’s Quarterly Federal Tax Return).
Q. I’m planning to refinance our home to upgrade our pool and patio area. Can I still deduct the full amount of mortgage interest?
Q. We found out that one of our office workers stole about $500 from petty cash. Can we deduct the loss?
Q. We found out that one of our office workers stole about $500 from petty cash. Can we deduct the loss?
Have you heard about the latest crazy tax deductions? How about the cholesterol deduction ... the Willie Nelson write-off ... the time machine ... or the stripper who bared her assets? These tax tales are part of the fifth installment of Bankrate’s 10 craziest tax deductions, culled from the files of CPAs across the country. Don’t try these outrageous tactics at home!
Current and former drivers of Bimbo Bakeries USA who sued the company for allegedly breaking California’s meal and rest break laws are now offering to settle for $3.75 million. In the original action, drivers also charged Bimbo Bakeries with violating the Fair Labor Standards Act by failing to pay them overtime.
All the talk about health care reform may have you thinking: How can you pay for ever-rising medical expenses when you’re no longer working? Even a sizable pension can be quickly drained. One practical solution seems to have flown under the radar: Set up a Section 401(h) plan, which pays for costs associated with the sickness, accident, hospitalization and medical expenses of retired employees, their spouses and their dependents.
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