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.

Page 120 of 302« First...102030...119120121...130140150...Last »
Companies everywhere are scrutinizing their payrolls and full-time employee head counts with an eye toward cost-saving measures ... and independent contractors. Just be aware that you'll need a concrete policy for managers to steer clear of the IRS and legal headaches in hiring outside workers.

Company.com, an information and lead generation portal for small and midsize businesses, has provided a list of 10 tips for helping businesses avoid IRS tax audits. Take these suggestions to heart. If you follow them diligently, you can dramatically reduce exposure to an audit.

The new HIRE Act provides a couple of key payroll tax breaks for employers that hire new employees. If your company hires a “qualified employee,” the business is exempt from the employer’s 6.2% Social Security tax portion of the FICA tax on the employee’s wages for the rest of 2010. Plus, the company is entitled to a new tax credit if it keeps the worker employed for at least 52 consecutive weeks.

Google and the U.S. Small Business Administration (SBA) last month released a series of online tutorials to help small business owners use the web more efficiently to grow their businesses. Find them at www.google.com/help/sba.

Companies that use freelancers, consultants, per diems, long-term temps and other contingent workers are under assault. The federal government is poised to take a leading role in cracking down on employers it suspects of misclassifying employees as independent contractors. The feds aren’t alone ...

Q. Can I invest in collectibles like gold and silver coins in my IRA?
The IRS recently announced new depreciation limits for vehicles placed in service in 2010. (IRS Revenue Procedure 2010-18) The limits under the “luxury car rules” are comparable to the ones for 2009 except that you can no longer qualify for 50% bonus depreciation. Here’s a quick summary of the maximum depreciation deductions for 2010.
The Tax Court recently ruled in favor of a taxpayer who claimed approximately $5,000 in medical deductions for expenses relating to a sex-change operation. At trial, the Tax Court said the taxpayer’s hormone therapy and sex-reassignment surgery were incurred for the treatment of a disease. Therefore, these costs constituted tax-deductible medical expenses and were not cosmetic.
The IRS last month published the forms employers need to claim payroll tax breaks offered under the new HIRE Act. The forms include a new Form W-11 (HIRE Act Employee Affidavit) and a revised Form 941 (Employer’s Quarterly Federal Tax Return).
Q. I’m planning to refinance our home to upgrade our pool and patio area. Can I still deduct the full amount of mortgage interest?