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.
If you are filing your own 2010 return and you’re expecting a tax refund, there’s no reason to dawdle. If you file electronically and request a direct deposit in your bank account, you’ll receive your refund in less than two weeks. In contrast, filing by paper can take almost two months.
Most limits for retirement plans haven’t budged an inch in 2011. They’re exactly the same as they were last year. But some small business owners can take matters into their own hands. Strategy: Set up a “solo 401(k) plan.” If you qualify, you can effectively benefit from both “employee” and “employer” contributions to your account.
Under the new 2010 Tax Relief Act, if you place qualified business property into service in 2011, you can claim 100% “bonus depreciation” for the property. That’s not a misprint. In effect, you can write off the entire cost of qualified property in just one year, with no limits on the amount!