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.

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If you're planning to hire your spouse, he or she (and your company) still must pay federal employment taxes on the wages. But don't let that scare you away from putting your spouse on the payroll. By shifting salary from your pocket to your spouse's pocket, you can successfully pay less in employment taxes than if you earned all the income yourself.

Q: I'm having a problem with my 2004 return, so I had to file an extension. My wife and I separated last year, and we're filing separate returns. I'm in the 25 percent tax bracket. If she claims the standard deduction as a head of household, do I need to do the same? B.S.F., Norfolk, Va.

Q: I'm trying to plan out some equipment purchases. I know the expensing limit for business is higher than it's ever been. But isn't that figure supposed to fall way back in 2010 under the law's "sunset" provision? D.R., Vero Beach, Fla.

Changes to IRS Form 941, Employer's Federal Quarterly Tax Return, will make it easier for businesses to report federal payroll tax deposits and income tax withholding.

As you grow older, it's critical to save as much as possible for retirement. As the person who calls the shots at your company, you can be even more creative than others in saving for retirement.

If you're selling your share of the family-owned business, you have plenty of reasons to offer relatives, who are current owners, first shot at buying your portion.

Question: My elderly mother needs help a few hours a day to shop, work around the house, etc. My wife and I live in another state. We pay a neighborhood woman $15 an hour for assistance, but she isn't a nurse. We also pay $500 a month toward my mother's rent, about half the bill. Are we entitled to any tax benefits? – R.P., Vermont

For some people, waiting until mid-April to file their individual income tax returns simply represents a bad case of procrastination. Others hold out so they can keep their money until the last possible moment. Whatever your reason, if you haven't filed yet, you can still cut your 2004 tax bill with a few timely tactics and tax-smart choices.

Q: The "estimate of earnings" I recently received from the Social Security Administration showed that I had no income in a year I actually earned more than $100,000. I'm age 61. Is it worth going through the hassle to change this? And, if so, how do I do it? H.S., Wichita, Kan.

A recent IRS ruling on involuntary retirement plan cash-outs caught a lot of retirement plan administrators with their pants down. Now, the IRS is giving those plan administrators a break for the 2005 plan year.

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