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.

It's unlikely the one-year estate tax repeal in 2010 will occur. Proposed legislation retains the $3.5 million estate tax exemption and top 45% rate. It also reunifies the estate and gift tax exemptions.

Did your child recently graduate from college? He or she may have to repay student loans ...

Q. I have nonrefundable airline tickets that I don’t expect to use. Can I deduct the cost if I donate them to charity?

Do you own a “vacation home” near a beach or in the mountains? It’s a great place, but maybe your children have grown up and moved away or the place has become too expensive to maintain—or both. Strategy: Rent out the home part of the year. Although it can be a hassle, the cash flow and tax benefits may outweigh the inconvenience.

The American Recovery and Reinvestment Act of 2009 gives small business owners a second chance at a “one-time” tax-saving opportunity. It revives the enhanced Section 179 deduction and “bonus depreciation” tax breaks that officially expired after 2008. These two tax goodies can be combined so that your small business can write off most, if not all, of the cost of new assets placed in service this year.

Q. I’m going back to school to improve certain job skills. Can I claim the education tax credit for myself?

On April 15, President Obama acknowledged the complexity of the tax code in a speech commemorating the new economic stimulus law. He vowed to make it "easier, faster and less costly" to file income tax returns.

Uncle Sam often examines deductible travel expenses through a magnifying glass. So both employers and employees must meet strict recordkeeping rules—or face the consequences. Fortunately, you can take a shortcut. Use IRS-approved per-diem allowance rates in lieu of accounting for every bagel and cab ride from an employee's business trip.

Here’s a cautionary tale to consider if you’re planning to upgrade your time card to a high-tech electronic system.

When you set up a deferred compensation arrangement between you and your company, you agree to provide current services in exchange for a future payday. But there’s a chance you won’t live to collect the deferred comp. Strategy: Name your favorite charity as a contingent beneficiary. If your designated beneficiary predeceases you, the money goes to the charitable organization.