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: My daughter is switching jobs in a few weeks. She's accumulated about $20,000 in her 401(k) plan. Does her employer have to automatically roll the money into a Roth IRA? I read something about that issue recently. G.P., Hoboken, N.J.

Q: In 2002, I bought stock in a company that just recently merged with another company. I bought the shares at $15; now they're worth only $12 and change. Can I deduct a loss for 2005? L.A.R., San Diego

Q: I own an auto repair shop in Maryland. We've switched our compensation plan to a system in which technicians are paid a base salary, plus a bonus based upon billable hours. Since technicians routinely work a 45-hour workweek, must we pay them any overtime? R.B.S., via e-mail

It's already Memorial Day, so summer is right around the corner. While you're enjoying the warmer weather, heat up your tax savings with some timely tax techniques.

In many U.S. cities, houses bought just a few years ago have more than doubled in value. But unless you plan to move soon, such a "paper windfall" means nothing other than a soaring property tax bill.

It's rare when you can have your tax cake and eat it too. But a new private letter ruling issued by the IRS gives certain older business owners a generous slice. It allows them to preserve the tax benefits of a "grand-father election" made over 20 years ago.

Despite the chummy-sounding acronym, PALs (short for passive-activity losses) are anything but friendly to taxpayers, particularly those who invest in real estate. Fortunately, you can gain more tax saving value from your PALs with some astute tax planning.

Don't count on the IRS to increase the standard mileage deduction rate.

If you're challenging the IRS on a tax-return issue, pay the tax you owe now. Don't wait until the dispute is settled.

Heads up: The IRS plans to ratchet up the audit pressure on small businesses in the coming months.