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'm still confused about guaranteed withdrawal benefits and guaranteed monthly income benefits available with some variable annuities. I am interested in the guaranteed monthly income benefit. Can you explain the difference? V.G., via e-mail

Do your employees need special tools for their jobs? Typically, you provide the tools that workers need or you reimburse employees for tools they must buy on their own. If you handle everything correctly, those reimbursements are tax-free to employees and tax-deductible for you.

Q: If I inscribe the name of my business on the side panels of my car, can I write off the full cost of my car expenses? My accountant isn't sure. L.D., West Mifflin, Pa.

With gasoline prices shooting through the roof, the IRS took the unusual step last month of increasing the standard mileage rate deduction for the final four months of the year.

Starting in 2006, taxpayers will be able to give cash gifts of up to $12,000 to each recipient without facing gift-tax issues. That's up from $11,000 this year. Married couples can give twice as much.

"Passive activity loss" (PAL) rules say that losses from passive activities are limited to annual passive activity income. In general, rental real estate is treated as a passive activity.

Q: My daughter is a college freshman and I bought her a new laptop through the school. Does that qualify for a tax-free withdrawal? C.K., Syracuse, N.Y.

Can you trust negative drug test results anymore?
The Internet is flooded with products, more than 400, according to a Business Insurance report, that help employees and job candidates cheat ...

Health insurance costs continue to skyrocket without any end in sight. As a result, companies both large and small are exploring alternate means to cover their employees.

Question: I'm retiring before the end of the year at age 64. My accountant says I've earned too much salary this year to receive any Social Security benefits. I thought the earnings test was eliminated years ago. If not, is there anything I can do now? Or do I have to work longer? — J.M.B., Boise, Idaho