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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've already run the numbers on your 2003 return, you may have gotten an ugly surprise on Line 42. If you haven't completed your Form 1040 yet, look out.

Many people thought their estate-tax worries were over once President Bush signed estate-tax relief in 2001. The law gradually increases the amount of your estate that's exempt from federal estate taxes, then eliminates the tax in 2010, before the tax comes roaring back to life in 2011 (unless Congress extends the relief law).

The IRS offers several ways to find out.

If you're like most high-income taxpayers, you probably use your home PC to help manage your investments. But unless you're a highly active trader and your investment activity constitutes a bona fide business, your depreciation deductions for the machine are severely limited.

After sending off your return, you'll probably trash old documents and files. Beware: Scam artists can steal your identity by rummaging through your garbage bags.

As the economy heats up, you'll need to work harder to retain good employees. One good tactic: Set up an employee-achievement-award program. If you handle things the right way, they are tax-free to employees and fully deductible by your company.

Do you plan to raid your retirement plan early? If you use the money for medical payments, you can avoid the usual 10 percent penalty tax on early withdrawals.

Q: I operate a small relocation company with 10 full-time employees and a few part-timers. We don't have a retirement plan. I remember reading something recently about a tax break for setting up a plan. Is there such a break? E.R.M., Chicago, Ill.

Q: I'm 56, my wife is 55 and both of our kids graduated from college. I maxed out my 403(b) plan at work last year, but I still want to increase my retirement savings. If we're over the income limit for Roth IRAs, can we both contribute to nondeductible IRAs? T.R., Logan, Utah

Q: I am a private attorney going into practice. With the new 15 percent tax rate on dividends, am I better off tax-wise setting up the practice as a personal service C corporation, rather than a self-employed taxpayer filing Schedule C? J.J., Los Angeles, Calif.

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