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 U. S. Department of Labor, in conjunction with the IRS, has announced a “misclassification initiative” aimed at employers that misclassify employees as independent contractors. A 2009 Government Accountability Office report labeled misclassification a “significant problem” with “adverse consequences” for the government.

President Obama’s signing of the controversial Patient Protection and Affordable Care Act on March 23, 2010, marked the finish of a yearlong partisan battle. But for HR professionals, March 23 was a starting line—the beginning of big changes in the way they handle employer-provided health benefits. While many provisions won’t kick in until as late as 2014, some take effect this year. Here's a brief summary of the changes ....

The IRS is launching a massive new effort to regulate paid tax return preparers. The centerpiece is a registration program designed to weed out subpar unenrolled tax return preparers. One immediate impact: The IRS has started to send letters to 10,000 return preparers who’ve filed a significant number of incorrect returns.

Q. I left property at a charity’s unattended drop site last year. Can I deduct the value without a receipt?

The federal government’s Centers for Medicare and Medicaid Services (CMS) has postponed implementation of new regs that would have required employers to report any medical benefits payments to employees who are eligible for Medicare. Despite the delay, you need to know about this new requirement if you're self-insured or pay deductibles on Employment Practices Liability Insurance.

Q. We’re renting out our principal residence as we try to sell it. Will this reduce the home sale gain exclusion?

With just a few short weeks before the due date for filing personal returns, you may be starting to panic. But you can buy extra time by filing Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, by April 15. This automatically entitles you to file your federal tax return as late as Oct. 15, 2010—no questions asked!
With just a few short weeks before the due date for filing personal returns, you may be starting to panic. But you can buy extra time by filing Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, by April 15. This automatically entitles you to file your federal tax return as late as Oct. 15, 2010—no questions asked!

President Obama’s 2011 budget plan calls for the U.S. Department of Labor to hire 100 new enforcement personnel and gain $25 million in new funding to target employers that misclassify workers as independent contractors (ICs). This comes on the heels of a huge IRS audit program starting last month that randomly selects 6,000 employers for audits over IC and other employment tax issues. Here's a three-factor guideline on how to classify employee or Independent Contractor based off the IRS checklist:

With the unemployment rate still holding stubbornly near 10%, Congress this month approved a new $18 billion bill that offers tax breaks to employers who add certain new employees to the payroll. President Obama signed it on March 18.
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