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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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According to a new audit report from the Treasury Inspector General for Tax Ad­­min­­is­­tra­­tion, personal information sent to the IRS is vulnerable to hackers. The IRS watchdog revealed that 2,200 databases used by the IRS to manage and process taxpayer information are not secure, use out-of-date software and do not receive security patches.
Q. We’re looking into “overhead insurance” for a small business in the event an owner gets sick. Is this tax-deductible?
After Congress allowed the federal excise taxes for airline travel to expire, it was widely believed that passengers who booked flights before July 23, 2011, for travel after July 22, 2011, would be entitled to refunds. However, the IRS has backpedaled now that the taxes have been reinstated, beginning Aug. 8, 2011.
Surprisingly, Congress allowed the 0.2% federal unemployment surtax to expire on July 1, 2011, without a whimper. The surtax has been around “temporarily” for 35 years.
It’s not exactly WikiLeaks, but Payroll administrators who are distressed over other employees’ alleged violations of the tax code can work with the IRS’ Whistleblower Office to expose tax law violators. Final regulations set some of the ground rules for cooperating with the IRS in whistle-blower investigations.

The “kiddie tax” isn’t just for kids anymore. Due to recent tax law changes, investment income earned by a child may continue to trigger the additional tax well into his or her 20s. This can put a damper on traditional college savings techniques for children. To avoid the kiddie tax, establish a “minor’s trust,” also called a Section 2503(c) trust, for kids or grandkids.

Perhaps an elderly relative—say, a parent or in-law—is reaching the point where he or she is no longer self-sufficient. The relative doesn’t quite need to enter a nursing home, but living alone is not an option. Strategy: Investigate continuing care retirement communities in the area. A CCRC may provide living accommodations that meet the needs of the relative, plus residents may be in line for medical expense deductions.

Q. I donated $500 for a golf event that was split between a charity and a needy person. Can I deduct the entire $500?
Q. I converted my traditional IRA to a Roth on Jan. 6, 2010. Can I still undo the conversion?

Employers can reward top employees, including company owners, by awarding them incentive stock options. Generally, there’s no tax due when the company issues the ISOs or when the individual exercises the options. The IRS taxes the employee only when he or she finally sells the stock. Strategy: Keep the options for the required holding period. As a result, the IRS taxes any gain at long-term capital gain rates.

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