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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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Employers often provide workers with the tools they need for their jobs or reimburse them for their out-of-pocket tool costs. As long as employers handle things correctly, tool-cost reimbursements are tax-free to employees and deductible by the employer. Strategy: Ensure that tool-cost reimbursements from your business are made via an “accountable plan.”

The damage caused by tornadoes, floods and other catastrophes this year should give taxpayers cause for concern. What if vital tax records are destroyed by an act of nature? Strategy: Take precautions before disaster strikes. Although tax records may be “reconstructed,” a better approach is to safe­guard them in a fire-resistant box or other ­secure location.

At long last, the IRS has issued guidance on a special election for estates of individuals who died in 2010.
If you’re getting a divorce, there’s more on your mind than taxes. Still, if you make a few tax-smart moves before the decree is finalized, you can save big bucks down the road. Here are four tips:

Is converting a traditional IRA to a Roth this year a good idea? It de­­pends on the situation. Weigh the pros and cons. Although taxpayers no longer can benefit from a special tax break for conversions in 2010, converting to a Roth still might be a smart tax move. Of course, the conversion is subject to current income tax.

Q. Can I get a tax deduction for buying one of the new plug-in vehicles?
The IRS has released an updated list of 275,000 organizations that have lost their tax exemption because they haven’t filed tax returns for at least three years. It believes that most of the organizations are now defunct. Nevertheless, the IRS has provided procedures allowing these charities to obtain reinstatement.
Now that Congress has finally approved a debt ceiling agreement, you can expect another issue to gridlock both chambers now: tax reform.

The IRS is giving some taxpayers extra time to “come clean” about foreign bank accounts. In new guidelines posted on its web site, the IRS has said it will postpone for up to 90 days the deadline for participating in its offshore voluntary disclosure program. The initial deadline was Aug. 31, 2011.

Undoubtedly, the deduction for charitable donations is one of the biggest write-offs on your personal tax return. That’s why the IRS continues to scrutinize deductions claimed by high-­income taxpayers. Strategy: Stick to the strict letter of the law. Be aware that recent tax law changes impose tough substantiation rules on cash and cash-equivalent donations.

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