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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Q: I've been encouraging both my children, now ages 24 and 21, to make contributions to an IRA. But is there any minimum deduction for lower-wage earners? C.M., Glen Burnie, Md.

While you can still claim top-dollar deductions for your charitable donations, the massive new tax law signed last October—the American Jobs Creation Act of 2004—imposed new limits on certain donations. Now that the dust has settled, this much is clear: It's more important than ever to keep proper donation records. If you don't, you could lose all or part of your deductions.

Don't trip over the tricky tax rules for property-tax rebates.

Real estate remains rock-solid in this economy. If you bought property years ago, you may be sitting on a gold mine. Of course, when you finally sell, you could face a whopping tax bill, too.

Q: Several years ago, I bought a condo with my "significant other" (we weren't married) on a 50/50 percent basis. Now, we've split up, and we're selling the place. Can we both elect the maximum home-sale exclusion? K.H., New York City

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.

The U.S. Supreme Court agreed last month to take up cases that could affect your payroll practices under the Fair Labor Standards Act (FLSA), particularly if you employ people who must ...
Issue: A new IRS ruling says signing bonuses and early-termination payments are considered taxable wages.
Risk: Overlooking that decision can trigger compensation problems or IRS penalties.
Action: Take this ...
Issue: Your policy of periodically deleting business e-mail.
Risk: Courts could penalize your organization if it deletes e-mail messages that relate to a potential lawsuit.
Action: Alert IT to ...
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