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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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Employees out on unpaid FMLA leave are still entitled to health insurance benefits if they were covered before going out on leave. However, if the employee was required to pay part of the premium before taking leave, that obligation continues.
A Houston-based grocery chain, Hong Kong Group Inc., has paid $2 million to settle a lawsuit alleging wage-and-hour violations that involved phony payroll records and attempts to coerce employees into returning pay they had already received.
Do you try to cut labor costs by hiring independent contractors to do employees’ jobs? If so, consider this risk: Both employees and independent contractors who do the same or similar work could join together and sue over unpaid wages and overtime.
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.
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