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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.

Unfortunately, you can't deduct the value of your time and effort devoted to charity. But that doesn't mean your charitable deductions are limited to gifts of cash, stock or other assets.

Issue: More employers are adding voluntary benefits to beef up their benefits lineup at little cost.
Risk: By linking such programs too closely to your organization, they could fall under ...

It took many years, but self-employed people are now even-steven with other business entities when it comes to deducting health insurance. They can write off 100 percent of their health insurance premiums, including amounts paid for family coverage, up to the business's amount of net income.

If you offer employees a tax-advantaged flexible spending account (FSA) program, the IRS recently said you can give them an extra 21/2-month "grace period" beyond the plan year to spend their FSA dollars.

When you started your small business, you poured most of your earnings back into the operation. Unfortunately, that didn't leave much cash for retirement savings. Now that your business is running smoothly, you may hope to make up for lost ground—and fast.

Q: My bank told me that it reports any cash deposits above $10,000 to the IRS. But that money doesn't represent taxable income from a job or an investment; it's nobody's business but my own. Does the bank have to report that? J.H., Plymouth, Mass.

Q: I own a rental home that I could sell for $100,000. Excluding land, I have depreciated $20,000. I know I have to recapture the $20,000 depreciation at 25 percent. Does it matter if I am in the 15 percent tax bracket? I.G., Louisville, Ky.

Do your aging parents live in a home that's soared in value? Chances are, they've paid off the house, so they're not claiming mortgage interest deductions anymore. Even if they still deduct mortgage interest, they're probably in a low tax bracket now, so those deductions don't do much good anyway.

Q: We're interested in setting up an ESOP for a small corporation. Do we need a lawyer or CPA to handle the paperwork? W.S.B.

Suppose business is booming and you've been able to gobble up one or more of your competitors. Your work force is growing, but that means you'll need to shell out more in payroll taxes.