Small Business Tax

Times are tough, but here's a win-win-win situation that's sure to please everyone.

Watch out for deductions that fall through the cracks. Here’s a list of out-of-the-ordinary deductible business expenses you might overlook.

After last year’s stock market debacle, you could be holding assets worth a fraction of their original cost. In fact, some stocks may have zero value. Strategy: Claim a capital loss deduction for worthless stock on Schedule D of your ’08 return. However, you must be able to establish that the stock is truly “worthless.”

Nobody’s perfect, but any mistakes you make on your tax return can come back to haunt you in penalties, interest and missed opportunities. What are the 10 most common errors? Here’s what the tax pros say.

It has been said that nothing can make or break a presentation like a good graphic. The chart that state House and Senate analysts recently showed members of the Legislative Commission on Planning and Fiscal Policy certainly made an impression.

Q. I’m self-employed and use my personal cell phone mainly for business and charitable functions. Can I write off the cost?

The U.S. government’s main site for business regulatory compliance, www.Business.gov, has always billed itself as the go-to site for federal compliance. Now its expanded content allows you to search for regulatory information from state and local governments, too.

Would your small business benefit from a change to S corporation status? If so, switch to the S corporation format for 2009 by March 16, 2009.

If you’re buying an SUV for your business this year, you might be able to sidestep a major tax roadblock to bigger depreciation deductions. A new IRS ruling appears to extend a narrow tax law exception to more vehicles.

Wyoming has the best tax system, and New Jersey the worst, for “business friendliness,” reports the Tax Foundation’s 2009 State Business Tax Climate Index.