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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.

Now that you’ve put your 2008 tax return to bed, you were probably hoping to rest for a while. But no such luck: You discover that you made an error on your tax return or omitted taxable income or a deduction. Should you file an amended return? Weigh all the pros and cons.

If you find yourself muddled in crisis, shake off the shock, orient yourself and start looking for solutions—fast. Here's how:

The new federal “whistle-blower” program is producing the desired effect. The law was changed in 2006 to provide rewards of up to 30% of the amount recovered from tax avoidance claims above $2 million.

Q. I work for a nonprofit agency. We plan to start using an agency credit card. We need a policy that covers who can use the card and when, plus some other things I haven’t thought of yet. What should the policy include?

The economic recovery and stimulus bill President Obama signed Feb. 17 features several provisions affecting HR. Most require federal agencies to write new administrative rules, so it’s difficult to predict now exactly how they will work on an everyday basis. Here are some key provisions in the American Recovery and Reinvestment Act.

Q. Payroll taxes are hurting our bottom line. May I convert part-time bookkeepers to "1099" employees?

Some employers unknowingly misclassify some of their employees as independent contractors. In doing so, they risk suffering severe consequences. By becoming familiar with the following tests, you minimize the chances of misclassifying an employee.

Instead of tossing out perfectly usable items such as clothing and electronics, donate them to charity. Generally, you can deduct the fair market value of the donated property.

President Obama’s budget outline is casting a long shadow over tax planning. Although the proposed tax changes generally would not take effect until 2011, upper-income individuals and businesses would shoulder the brunt of the burden.

If you’re one of the 11 million account holders who have more than $120 billion invested in tax-free Sec. 529 plans for a child’s or grandchild’s college education, we’ve got good news about investment options. A new IRS ruling allows you to change your investment mix up to two times during the 2009 calendar year.