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.

Are you thinking of donating a boat or a car to charity? Maybe you can’t afford to simply give it away. Strategy: Arrange a “bargain sale.” Unlike a regular charitable donation, you get cash back from the charity plus a write-off based on the difference between the bargain sale price and the property’s fair market value.

SmartMoney.com recently posted an article about “hidden” tax truths. Here’s a condensed and updated version of "10 Things the IRS Won't Tell You":

Q. My two children are my 401(k) beneficiaries. If I retire, should I roll over the 401(k) to an IRA?

The IRS has posted the new 2008 “Data Book” covering the returns filed from Oct. 1, 2007, through Sept. 30, 2008, the government’s most recent fiscal year. The Data Book provides valuable insights into tax returns filed, tax collections, investigations and related matters. You may find the information helpful in analyzing your personal tax situation.

The Keystone State ranked 29th out of 51 jurisdictions in the Small Business and Entrepreneurship Council’s (SBEC) Business Tax Index for 2009, a score that would have been better if it didn’t have the nation’s highest state corporate tax rate.

Q. My small business went under earlier this year. Can I deduct the cost of finding a regular job?

Minnesota finished near the bottom in the Small Business and Entrepreneurship Council’s (SBEC) Business Tax Index for 2009. The only ones ranking lower than Minnesota: New Jersey and the District of Columbia.

California finished better than just three states in the Small Business and Entrepreneurship Council’s (SBEC) Business Tax Index for 2009. The only ones ranking lower than California: Maine, Minnesota, New Jersey and the District of Columbia.

New York finished better than just four states in the Small Business and Entrepreneurship Council’s (SBEC) Business Tax Index for 2009. The SBEC annually assesses the tax climates for business and entrepreneurs in the 50 states and the District of Columbia.

Illinois came out better than average in the Small Business and Entrepreneurship Council’s Business Tax Index for 2009, an annual assessment of the tax climate businesses and entrepreneurs face in the 50 states and the District of Columbia. Overall, Illinois ranked 18th on a scale of 1 (least taxed) to 51 (most taxed).