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.

Does your small company sell products or services over the Internet? If so, make sure you enter the vast world of cybersales with your eyes wide open. Specifically, be aware that you could be responsible for collecting sales tax from online sales.
Can I deduct parking tickets as a business expense?
Are you sitting on a potential small fortune in stocks or real estate? Or maybe you own a business interest that you’re planning to sell at a tidy sum. You’ll have to pay the tax piper one way or another through income tax, estate tax or gift tax … or some combination of all three.
Despite some huffing and puffing last year, Congress made no major changes in the federal estate-tax law. For now, the law remains the same, but it still includes important changes for 2006.
For the first time, U.S. businesses will be able to write off expenses related to “qualified domestic production activities.” The so-called “manufacturing deduction” (or Sect. 199 deduction) is available even to many companies that wouldn’t normally consider themselves “manufacturers,” maybe even yours.

Q: I'm interested in the strategy you wrote about regarding collecting rent when you lease personal assets to your company. (See 10/17/05 issue.) If I rent assets to the company, am I then subject to Social Security tax on the net income? J.C.K., Hood River, Ore.

The IRS just updated its per-diem rates for business travelers. After inching up by just a few dollars the past few years, the new rates reflect double-digit increases for both "high" and "low" areas. (IRS revenue procedure 2005-67)

Estimated-tax penalties are equivalent to the interest you'd pay on tax underpayments.

As a small business owner, your company's 401(k) plan is one of the best deals around. You can salt away part of your salary tax-free within generous limits, while the company matches all or part of your deferral.