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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. If someone purchased a residential or commercial rental property in 2010, does he qualify for the Section 179 deduction for leasehold improvements included in the purchase price?
Q. I accidentally contributed more than $6,000 to my Roth IRA for 2010. (I’m 60 years old.) Am I in trouble?
Test your knowledge of recent trends in employment law, comp & benefits and other HR issues with our monthly mini-quiz ...
In a new ruling, the IRS allows you to treat excess “acquisition debt” as “home equity debt” when claiming mortgage interest deductions. The IRS says up to $100,000 of first mortgage debt in excess of the $1 million limit can qualify as home equity debt.
If you need cash to make a maximum IRA contribution for 2010, file your tax return early and claim the full IRA contribution. But don’t actually make the contribution until you receive your tax refund. Then you can use the refund money to contribute the max to the IRA. 
Figuring out how to effectively — and legally — manage your team's personnel records is often a daunting task. But, developing a records retention schedule will ensure that you keep the records you need for operational, legal, fiscal or historical reasons, and then destroy them when they're no longer useful.

Sooner or later, you’ll run across this concept: Take out a biweekly mortgage to replace your monthly mortgage and save money in the long run. But don’t forget to factor in taxes. Because you can generally deduct the full amount of qualified mortgage interest, your “savings” with a biweekly mortgage aren’t as great as they seem. But this doesn’t mean you should dismiss the idea of a biweekly mortgage.

Q. I’m currently self-employed. Can I deduct moving expenses if I relocate to a warmer climate?
Q. What are the chances that the manufacturing deduction will be extended through 2011?

Would you like to get away to a tropical paradise this winter? Normally, you’d have to pay a steep price for such a trip, but there’s a way you can get Uncle Sam to pick up part of the tab. Strategy: Sign up for a convention relating to your industry or profession. As long as the primary purpose of the trip is business-related, you can write off all of your convention expenses.

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