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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For an individual, it may be preferable to be treated as an independent contractor, rather than an employee. You avoid income tax and employment tax withholding on payments and you can deduct related expenses on your Schedule C. But you have to be in business for yourself. Case in point:

It’s often difficult for young and middle-age taxpayers to come up with a down payment on a house. However, if you or your kids have your hearts set on a “dream home,” think outside the box: Consider an IRA as a secondary source of funds. Although IRAs are intended for retirement savings, tapping into your account might make sense if it helps to close the deal.

Q. Aren’t contributions to IRAs scheduled to revert to the lower $2,000 limit in the near future?

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.
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