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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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Suppose you own real estate property in a pastoral setting that you want to preserve for future generations. Strategy: Donate a “conservation easement” to charity. As long as certain tax-law requirements are met, you can deduct the value of the benefit donated to a qualified charitable organization.

If you're raising a grandchild, make sure you’re claiming all the tax benefits you’re entitled to. To help, the IRS recently updated Pub. 4694, “Raising Grandchildren May Impact Your Federal Taxes.” Consider the following list of tax breaks that might be available to you:

If the IRS determines that an employee has been misclassified as an independent contractor, it may assess federal employment taxes plus interest and penalties. These matters frequently end up in the courts. As the following case shows, it’s unlikely you can claim you’re an independent contractor if you own and run the business.
Q. I’m planning to go to a stockholders meeting. Can I deduct my travel expenses?
Nevada tops the list of states most “stressed” due to bankruptcies, unemployment and other economic indicators, followed by California, Florida, Ari­­zona and Michigan, according to a new Asso­­ciated Press report.

Don’t forget that this is the first year that new “basis reporting” rules take effect for securities sales. Strategy: Be proactive. By planning ahead, you may be able to minimize the taxable gain on a securities sale or increase the tax-deductible loss.

Q. We paid more than $39,500 in 2010 for our grandson’s tuition at Duke. Is there a way to get a credit or tax deduction?
Enacted at the end of 2010, the federal Claims Resolution Act amends the Social Security Act to require that employers report a new hire’s first day of work. That’s in addition to the six data elements already required for new-hire reporting.
If your child is graduating from college or grad school, you’ll want the youngster to start off on the right foot. Strategy: Give your child a low-interest, or even a no-interest, loan. As long as you stay within the tax law boundaries, your family will have no tax worries. However, if you’re not careful, you could wind up facing tax complications.

Most people think of 50 as the magic number for the FMLA. “Oh, we have 50 employees, so now we have to comply with the FMLA,” is a popular refrain among HR departments. It is not that simple. The FMLA has two different rules that must be met before you have to offer FMLA leave to an employee—coverage and eligibility, which both have the magic number 50 as a key component.

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