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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.

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.

Q. In your article on the new stimulus law, you said that the Making Work Pay credit phases out beginning at an AGI of $150,000. Doesn’t it depend on modified AGI?

After 38% of Prudential Financial’s employees identified themselves as adult caregivers in a 2004 survey, the financial services firm started ramping up its elder care benefits. Today, the firm offers more than half a dozen benefits for employees who help out older parents and spouses.

Help your company maximize its business deductions by keeping comprehensive records of travel, entertainment and gift expenses. Keep your records organized in a diary or a statement of expenditures, supported by documentary evidence. Documentary evidence ordinarily is considered adequate if it discloses the amount, date, place and essential character of the expense.

With the nationwide economic slump taking its toll, you can count on the individual states to raise taxes to offset declining revenues.

Q. I’m confused about the new rules for required distributions. I already took my IRA distribution for 2009. Can I undo it?

Is it time for “spring cleaning” around your home? Don’t be so quick to discard old furniture, used clothing and toys and games that have fallen out of favor. Instead, donate those items to a local charity. Your tax reward: A deduction based on the fair market value (FMV) of the property.