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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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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.
The Defense of Marriage Act (DOMA) prohibits the extension of federal marriage benefits to same-sex couples who marry under state law. Some federal courts have ruled DOMA unconstitutional, and the Department of Justice says that it will no longer defend the law. But the IRS says it’s still enforcing DOMA as it applies to the tax laws that cover married couples.

States that borrow from the federal government to pay regular unemployment benefits must pay back those loans, including interest. The 2009 American Recovery and Reinvestment Act waived interest payments for two years, but that provision expired at the end of last year, leaving an estimated 30 states to face a financial bind. President Obama’s 2012 budget proposal contains relief for strapped states and employers.

Q. My husband passed away 1½ years ago. Can I still claim the joint home sale exclusion if I roll over funds into another place?
The IRS has instituted a series of new initiatives relating to the payment of tax liabilities. If you read between the lines, there’s both good news and bad news on the horizon. The new announcement spells out five ways that struggling taxpayers can get a “fresh start.” But the changes may not be all that they’re cracked up to be.
An employee handbook can be the foundation of employee performance and a shield against lawsuits, or it can be a ticking time bomb that confuses employees and strips away your legal ...

Who says there are no great “tax shelters” left for investors? Strategy: If you can bear the risk, you can invest in oil and gas drilling funds. Investors can qualify for a special up-front tax break: the deduction for intangible drilling costs. A dollar invested now might provide a deduction of 50 cents, 70 cents or even 90 cents this year.

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