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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.

Typically, if you have a downtown office and take work home on nights and weekends, you won’t qualify for a home office deduction. Reason: The home office isn’t your principal place of business. But don’t give up! You still might be able to deduct certain expenses connected with that home office.

An arbitrator has awarded $1.2 million in back pay and damages to 19 former employees of Wurld Media, Inc. The Saratoga Springs-based Internet startup, which marketed a product similar to iTunes, began having trouble making payroll in 2006.

Texas Workforce Commission Chairman Tom Pauken of Dallas recently announced that Texas employers should expect their unemployment insurance taxes to rise significantly next year. Pauken said the increase in layoffs is close to exhausting a state trust fund.

Q. One of my employees who recently quit has failed to pay back a personal charge he made on our corporate credit card. Can I simply deduct the amount of the charge from his last paycheck or withhold his final paycheck until he pays for the charge?

Q. We can’t afford to give employees raises this year. Can we provide group life insurance, which would be cheaper, instead?

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?