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.

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.

Q. My husband, age 48, lost his job. If we take a hardship withdrawal from his 401(k), do we have to pay a penalty?

If your annual tax return is complex, or you don’t have the time or inclination to cope with filing, you’ll probably use a tax pro for the dirty details. Strategy: Put your tax return preparer in the best position to help you. Follow these five simple steps, to save both time and money.

Are you one of those tax filing “early birds”? The IRS may have clipped your wings this year. Don’t rush to file if you itemize deductions or you’re claiming one of three tax deductions reinstated by the new Tax Relief Act of 2010.

Q. I’m confused about the rules for RMDs. I turned 70½ on Nov. 15, 2010. Was I supposed to take a distribution by Dec. 31, 2010?

Adding staff? Decide before you hire whether you want an employee or an independent contractor. Under the FLSA and some states’ laws, you must pay overtime to nonexempt employees—not so for independent contractors. Make the employee-or-contractor call well before you bring someone on board. Don’t assume you can make the designation later.

Missing a refund check? Hard as it is to believe, the IRS is holding $164.6 million in undelivered refund checks. Almost 112,000 taxpayers are owed one or more checks that could not be delivered due to mailing address errors.
When President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 late last year, preservation of current tax rates and a one-year Social Security tax cut got all the headlines. But tucked into the broad statute were several provisions affecting employee benefits.