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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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Q. I’ve heard that there are new Illinois Equal Pay Act regulations I have to follow. Does this affect my record-keeping?
Q. If I collect Social Security early at age 62, will my children’s benefits be affected by my earnings?
As it does every spring, the IRS has released a new “Data Book” containing charts of various audit figures. One thing jumps out right away: In 2010, the overall examination rate increased to 1.11% (up from approximately 1.06% in 2009), the highest the rate has been since 1997.

You can usually deduct 100% of your health insurance expenses if you’re self-employed. But you may do even better tax-wise. Strategy: Hire your spouse to work for the business. Then cover the spouse under your health insurance plan as an employee. As a result, your spouse can cover other dependents under the ­policy—including you!

Estate planning in the future remains cloudy, but the big picture for the next two years is clear, thanks to the 2010 Tax Relief Act. Strategy: Maximize the benefits of a lifetime gift-giving program. In other words, give generous gifts to family members. The bigger the gifts, the better.

Summer is usually when employees who belong to the National Guard and military Reserves give their two weeks of duty to Uncle Sam. Now is the time to prepare for their absence, by following these eight tips.
If you haven’t filed your 2010 return yet—and didn’t re­quest an extension—you’re only mak­­ing matters worse by dawdling if you owe tax. The IRS will assess “failure to file” and “failure to pay” penalties.
Are employees who enrolled their kids in day camp this summer suffering sticker shock? Remind them that they can defray those expenses through the company’s dependent care assistance program or seek reimbursement through their dependent care FSAs.
Q. I’m an S corporation owner with compensation based on ownership percentage. Could I run into problems with the IRS?
June is wedding month, which means name changes for brides who take their husbands’ names and couples who hyphenate their names. Reminder: Newlyweds must get replacement Social Security cards showing their new names.
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