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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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.

Got a great idea for a new business? It usually costs money to make money, so you’re likely to incur certain startup costs before the brainstorm starts producing a cash flow. Strategy: Make sure you’re open for business before the end of the year. That will entitle you to deduct your startup expenses on your 2011 return.

HR Law 101: Your employee handbook should include statements on these topics: a welcoming letter from the CEO, rules and procedures, your employment policies, compensation and benefits, safety and health rules, an affirmative action statement and an acknowledgment receipt form ...

The 12 members of the bipartisan “super panel” appointed by Congress are meeting to try to whittle down the national debt to a manageable level. And you can bet tax reform is on the table. Virtually every tax code provision is up for debate. What tax reform proposals can we expect to emerge from these closed-door meetings? Here are six:

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