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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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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.

In a relatively quiet move reported in The Wall Street Journal, the IRS is now requiring companies being audited to turn over exact copies of the electronic records kept in their business software programs. Small business groups have begun to fight back against this practice.

The IRS is making it easier for tax return filers to qualify as an “innocent spouse.” In a new ruling, the agency eliminates a strict timing requirement under prior law. And it says that other taxpayer-friendly changes are on the way.

Should you invest in the stock of your own company through your 401(k) or other retirement plan? It makes perfect sense because you’re effectively betting on yourself. To sweeten the deal, you might be able to buy the stock at a substantial discount. Best of all, you may be in line for a future tax bonanza.

Q. I remember reading that serial LLC filings are not permitted by the IRS. Are there any new developments?

Don’t forget about a special tax credit for small businesses buried in the massive health care legislation passed in 2010. Determine if your small business qualifies for the credit. The credit can offset part of the cost of providing health insurance to your staff.

Q. Do we have to deduct $500 from our casualty loss deduction in a disaster area?
Question: My company provides group-term life insurance with a value of more than $50,000 to some retirees. I know I have to report the uncollected employee FICA taxes on their W-2s in Box 12 with Codes M and N. Do we have to pay the employer share of these taxes? If so, when are they due? Also, how are the amounts reported on Form 941?
Q. I have power of attorney over my mother’s affairs. Can I arrange a gift to myself to avoid estate tax?
Under the annual gift tax exclusion, you can bestow gifts of up to $13,000 per recipient in 2011, with no gift tax due. You don’t even have to file a gift tax return. But you must file the federal gift tax return, Form 709, if you elect the exclusion for joint gifts.
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