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 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.

If you're one of the big wheels at your company, you may be in line to receive either qualified or nonqualified stock options. Qualified options (also known as "incentive stock options") have a tax edge.

If you own a vacation home or a boat, you may not be using it as much now that the summer is over.

Suppose a regular customer is experiencing economic difficulties. You've let that customer slide on several invoices, but now you're concerned you may never be paid. Should you aggressively pursue collection efforts or continue to gently remind the customer about the unpaid bills?

For too many people, the tax season is a February-to-April affair. But trying to plan your tax strategies after Dec. 31 is as futile as a football team drawing up its game plan with two minutes left in the fourth quarter: You can't do much to affect the score.

Issue: More employers are offering voluntary supplemental medical insurance, and insurers are offering more products.
Benefit/risk: Such plans can fill gaps left by medical coverage cutbacks, but the strategy can ...

Q: I own real estate that I plan to sell to my son through an installment sale. My CPA says this can't be done because we're related parties. Is this true? D.R.T., St. Petersburg, Fla.