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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.

If you’re embroiled in a contentious legal dispute, taxes may be the last thing on your mind. But errors in the way you draft a settlement agreement could mean thousands of dollars going into Uncle Sam’s pocket—instead of yours. Strategy: Try to minimize the income tax consequences of a settlement. And do it before you sign the agreement. Once that occurs, you’re stuck with the deal you made.

Q. I inherited property from my father who died in August. If I sell it at its current value, will I owe income tax?
Here are the key tax-filing deadlines for 2011. Keep this tax calendar handy for reference, when needed, during the year. Note: If you operate on a fiscal-year schedule for tax purposes, rather than the usual calendar-year schedule, your due dates for each quarter will line up differently.
The contentious tax law signed by President Obama last week brings tax savings to workers nationwide—and contains several provisions that will affect HR. Here's a round-up of various elements—from Social Security withholding to tuition reimbursement to on-site child care—that you'll have to deal with when the law takes effect on Jan. 1.

The new tax law signed by the president on Dec. 17 finally resolves the uncertainty over federal estate taxes … at least for the time being. The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 increases the estate-tax exemption and lowers the top estate tax rate for a two-year period.

Q. Regarding the adoption credit, can my son still claim the credit if he is reimbursed by his company for some expenses?
With electronic filing becoming so popular, the IRS decided it will no longer mail individual and business taxpayers paper income tax packages.

For business people, LinkedIn is the most important social media tool. Think of it as a business mixer where everyone displays their critical information on their chests. Like everything else in life, I will form an opinion of you and how seriously you regard this tool in about five seconds. For now, focus on these most influential parts of your profile:

Here’s a timely reminder for older business owners: Don’t forget to take required minimum distributions (RMDs) from company retirement plans and IRAs this year. You generally have until Dec. 31, 2010, to complete RMDs. Otherwise, you’ll be hit with a whopping tax penalty.

On Dec. 17 the president signed the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010” into law. This new legislation includes a slew of tax breaks across-the-board. Here are the top 20 for individuals and businesses.