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.

We can't overemphasize the need to keep the required records for charitable donations, especially because the IRS is turning up the heat on donation deductions.

If you donate intellectual property (such as patents) to charity, you can claim a tax deduction for your generosity. But the 2004 tax law restricts what you can deduct.

Are you ready for a computer upgrade? If the answer is "yes," don't just toss out your old equipment.

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 ...

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.

Q: I hired a contractor to build a deck on our house for $15,000. We gave him $5,000 up-front for materials, etc. Now he's skipped out and we can't find him. Can I deduct the $5,000 deposit as a casualty loss deduction? R.S., Blawenburg, N.J.

Congress often tinkers with the tax code, but rarely does it throw business owners a brand-new deduction. That's why last year's tax law—the American Jobs Creation Act— created such a stir. Starting in 2005, the law authorizes a new write-off for qualified manufacturers that could eventually amount to a 3 percent rate cut.

Q: I gave my daughter stock shares that I bought for $10,000. On the day I gave her the shares, they were worth about $12,000. Now, it's jumped to about $16,000, and I've advised her to sell. Is her taxable gain the full $6,000? P.L.A., Santa Barbara, Calif.