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.

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Q. We want to buy our business building. Can we write off most of the cost if we complete the deal by Dec. 31?
Good news: The "wage base" for Social Security tax purposes will remain at $106,800 for 2011. Bad news: Correspondingly, Social Security recipients won't receive an increase in benefits in 2011.
If you own a vacation home you rent out, rental deductions are limited to rental income if your personal use exceeds the greater of 14 days or 10% of the rental time. To preserve a deductible loss for 2010, rejigger your schedule.
Q. I’m thinking of going back to school. Can I set up a Section 529 plan for myself?
Year-end tax planning doesn’t have to be personal. Here are nine ideas for cutting taxes that are “strictly business.” Consider the following techniques for calendar-year companies:

The uncertain future of the Bush tax cuts is causing chaos on several levels. Case in point: The IRS says that new 2011 income tax withholding tables will be delayed until it can figure out which way the wind is blowing. Normally, withholding tables for the upcoming tax year are released by mid-November of the current year.

The Small Business Jobs Act of 2010, signed by President Obama on Sept. 27, includes a bevy of tax breaks for small business owners. Here are the highlights:
Q. I lost $500 playing in Fantasy baseball leagues with friends. Can I deduct the loss as a gambling loss on my personal return?
A long-standing proposal would impose a value-added tax (VAT) on U.S. consumers. In a a recent Sabrix survey on the impact of VAT on American businesses, the majority of executives polled were against VAT and agreed that it would significantly increase the cost of compliance.

The decision to convert funds in a traditional IRA to a Roth this year is hardly a slam-dunk. To reach a well-informed conclusion, you must take the relevant factors into account. This can be especially tricky for some parents of college-bound children. Strategy: Consider all the higher-education aspects. If you’re not careful, converting might do your family more harm than good.

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