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.

The new Hiring Incentives to Restore Employment (HIRE) Act includes a provision to extend the enhanced Section 179 deduction for another year. Without the extension, the maximum Section 179 deduction would drop from $250,000 for 2009 to $134,000 this year.

A new federal law bolsters charitable donations for emergency aid and rebuilding efforts in Haiti. You can deduct donations made this year, as long as they were made before March 1, 2010, on your 2009 return instead of waiting to deduct them on your 2010 return.

On March 2, President Obama signed stopgap legislation extending eligibility under the COBRA subsidy program for an extra month. The 65% subsidy now covers qualified workers “involuntarily terminated” from their jobs through March 31, 2010.
On March 2, President Obama signed stopgap legislation extending eligibility under the COBRA subsidy program for an extra month. The 65% subsidy now covers qualified workers “involuntarily terminated” from their jobs through March 31, 2010.
President Obama's signature on the landmark Patient Protection and Affordable Care Act may not bring an end to partisan bickering about health care reform, but it does signal the start of big changes for HR. Here's a rundown of the new law's long-term effects on employer-provided health insurance — and several provisions you'll need to deal with right away.

A taxpayer who represented herself in a Tax Court tussle with the IRS has prevailed in a surprising new decision. The court allowed the taxpayer to deduct almost $15,000 of tuition incurred to attain a master’s degree in business administration. The new case may open the door to deductions in similar situations.

Some retirees are facing an increase in their Medicare Part B premiums in 2010. The basic monthly Part B premium remains at $96.40, but it increases to $110.50 if you sign up this year. Also, certain high-income individuals must pay more than they did last year.

Q. I own an apartment house built in the late ’70s. If I renovate it for a future sale, can I claim a rehabilitation credit for the cost?

In California, you can’t terminate employees for coming forward to press for enforcement of wage-and-hour claims, even if it turns out the claims were unfounded. That’s because California law strongly supports employee rights to get all the pay they’re entitled to, and efforts to punish employees who are wrong would chill efforts to challenge their employers’ pay policies.

Layoffs are difficult for employees and employers alike. In these tough economic times, some employers are trying to help employees during layoffs and help prevent the permanent loss of good employees by implementing supplemental unemployment benefit plans.