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.

Q. I plan to lease a car for business travel this year. Is there a limit on the amount I can deduct?

Umpqua Bank makes it easy for its 1,700 employees to comply with a strict, professional dress code: It lends them money to buy clothes. Since 1996, the bank, with 150 branches, has advanced money to any employee who asks for it—up to $1,000 a year—to spend on work clothes.

The 2008 housing law put new restrictions on a popular tax technique for homesellers who convert a second home into a principal residence. Beginning in 2009, you may be taxed on the gain attributable to the “nonqualified use” of the home. But you still may escape unscathed through a little-noticed loophole.

Q. An employee has requested one hour of unpaid intermittent FMLA leave. Can we require him to use up a half or full day of leave instead?

No one knows if and when a disaster will strike. But the IRS wants you to be prepared for the possibility. The IRS is warning taxpayers to safeguard their records. It points out six simple steps to help protect individuals and businesses concerning disaster preparation.

If you're getting married soon to someone who owns a home, here's a tax proposal for you: If you’ve been renting and intend to buy a new home to share with your spouse, it could pay to do it before the wedding. Here's why.

An employee approved for intermittent FMLA leave says she only needs to take an hour this week. Can she take leave in such a short increment? Could she take even less?

Some business owners that have downsized have plenty of open office or warehouse space. But they still have to pay the rent or maintenance if they own the building. Strategy: Turn unused space into an athletic facility. This can be a prized tax-free benefit for the “keepers” still with the company.

The IRS has yet to issue formal guidance on whether multiple vehicles can qualify for the new vehicle sales tax deduction. But taxpayers can expect some good news on the way. Alert: There’s no limit per taxpayer, an IRS spokesperson recently told tax publisher CCH. Therefore, if you qualify, you can write off sales and excise taxes for two or more vehicles purchased this year.

A 2008 tax law temporarily suspended the rule for required minimum distributions (RMDs) from qualified plans and IRAs for the 2009 tax year, but confusion still exists. To provide assistance to taxpayers, the IRS recently updated the FAQs on its web site.