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.

For Anthony Armatys, a job with communications company Avaya was the best job he never took. The Illinois man recently pleaded guilty to theft by deception after he failed to report that Avaya had deposited $469,000 worth of pay into his bank account, despite the fact that he never put in a day’s work for the company. Latest news: He's scheduled to be sentenced on Jan. 8.

Here are the key tax-filing deadlines for 2010. Keep this tax calendar handy for reference throughout the year. Note: If your business operates on a fiscal-year schedule for tax purposes rather than the usual calendar-year schedule, your due dates for each quarter will line up differently.

Q. I have invested in several T. Rowe Price mutual funds. Will I have to pay tax on capital gain distributions if a fund has a loss for the year?

Normally, you can't deduct investment losses inside an IRA. But there's a way you still might claim an IRA loss this year.

Q. I am age 72 and operate a sole proprietorship generating about $50,000 in net income. Can I contribute the $50,000 to my Roth 401(k) and then roll it over tax-free into a Roth IRA?

Nothing takes the shine off an employee achievement award faster than having to pay taxes on its value. However, it’s entirely possible to design a recognition program that doesn’t cause tax liability for your employees—and is fully tax deductible for your organization.

Small business owners usually aren't HR professionals. Figuring out how to effectively — and legally — manage your personnel records is often a daunting task. But, developing a records retention schedule will ensure that a small business keeps the records it needs for operational, legal, fiscal or historical reasons, and then destroys them when they're no longer useful.

If your company incurs an annual net operating loss (NOL), it can generally carry back the loss for two years and then forward for up to 20 years. Therefore, you generally can use an NOL from this year to offset highly taxed income from the prior two years. Strategy: Postpone taxable income to next year to secure an NOL this year.

Say you need a financial guru to help make tough decisions that go beyond your accounting department’s expertise … yet you can’t afford a full-time CFO. In such situations, more small companies are choosing to outsource that function. They’re “renting” part-time CFOs ...

Do you have an installment of property tax due early next year? Make sure you pay state and local taxes before Jan. 1. In that case, you can deduct the payments on your 2009 return, thereby reducing your current tax liability.