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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.

After a summer spent getting an earful from vocal constituents, Congress is trying to muster support for—or stop—competing versions of what President Obama now calls health insurance reform. There’s no guarantee that Obama will have a bill to sign before the end of the year. But if he does, it will almost certainly include three elements that will affect comp and benefits pros:

It’s never a good idea to scream death threats at federal agents. And if you do, chances are it won’t help to say you’re sorry. Just ask 49-year-old Albert Bront, of Valencia, Calif., who is now sitting in jail. But wait ... the story gets worse.

The federal government has slowly been introducing laws that force employers across the country to provide employee benefits: for example, the FMLA, USERRA and the ADA. Now Congress is considering several legislative initiatives that would require employers to provide additional benefits.

Are you a rabid fan of the athletic teams at a local college or your alma mater? There’s a way to pocket a nifty tax break while supporting the school’s gridders, cagers and other athletes. Strategy: Donate funds to a college booster club or a similar program. That way, you can deduct all or part of the payment as a charitable contribution ...

Q. My brother and I both want to reduce our taxable estates. Can we give gifts to each other’s kids without paying gift tax?

We usually don’t advise you to begin taking early withdrawals from your qualified retirement plans and IRAs. But you may be facing a cash crunch during this recession with no other alternative. The tax rules differ slightly for qualified plans and IRAs, but here are five ways to get your hands on the cash.  

Do you live in a state without a sales tax? You can still benefit from the new deduction for sales and excise taxes attributable up to $49,500 of a new vehicle’s cost.

Q. I plan on retiring at the end of the year. But if I work one month in 2010, will I qualify for IRA deductions?

Q. I use the standard mileage rate to compute my business auto deduction. Can I separately deduct the cost of new tires?

Are you collecting your maximum tax breaks from the massive economic stimulus law passed earlier this year? The IRS has issued a fact sheet touting the tax perks available to small business owners under the new American Recovery and Reinvestment Act of 2009. Here are eight key provisions: