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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Unemployment insurance benefits are designed to help employees who lose their jobs through no fault of their own. Since employers pay into the fund that pays out unemployment benefits, it's in your interest to contest benefits for undeserving former employees. Here's how to go about doing so.
Tax audits of individual taxpayers went up, especially for high-income folks, according to the IRS' new "Data Book" for its 2010 fiscal year. Other changes were revealed for taxpayers with total positive income between $200,000 and $1 million, businesses with gross receipts of $25,000 and higher, and individuals claiming the earned income credit.
A staffing company that provides workers for major hotels in the Dallas-Fort Worth area has agreed to pay more than $242,000 to employees after a U.S. Department of Labor investigation uncovered Fair Labor Standards Act violations.

Have you heard about the Houston Astros fan who was taxed on the doughnut coupons he won as a prize? There’s a valuable tax lesson to be learned from it. Strategy: Simply turn down prizes and awards you don’t want. They may constitute taxable income whether you use the item or not.

It usually takes a long time—39 years, to be exact—to recoup the full cost of a business building through depreciation deductions. But there’s a way to secure faster tax benefits. Strategy: Separate building components for tax purposes. As long as you meet certain requirements, you may write off the cost of some building components in only five or seven years.

Food service giant Sodexo has labeled some of its employees as “hard to reach”: those who work at client locations or telework from home or whose jobs don’t involve regular use of computers or e-mail. Now it’s offering managers several methods to reach out to them to ensure that they have knowledge, team spirit and the sense of belonging that are necessary to build a highly engaged workforce.

Shortly before midnight on April 18, 2011—the deadline for filing 2010 federal income tax returns—the IRS announced that a record number of taxpayers had e-filed their returns.
The Social Security Administration has resumed sending employers letters regarding mismatches of em­ployees’ names and Social Security numbers. Since employee name/SSN matches are critical to payroll administration, you’re right to be concerned. But there seems to be some confusion over these letters.

Although the federal estate tax is back for 2011 and beyond, the 2010 Tax Relief Act includes several favorable estate and gift tax changes, at least for two years. But there’s yet another estate-planning concern for wealthy individuals: Don’t forget about the generation-skipping tax (GST).

Q. My husband passed away three years ago. Can I make my 21-year-old son a co-owner to double the home sale exclusion?
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