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.

The IRS is notoriously picky about taxpayers following its rules. But occasionally it gives taxpayers a little more leeway than usual. For instance, suppose you miss the 60-day deadline for IRA rollovers. Don’t concede the issue without a fight.

No company can function without maintaining a variety of records. To control this massive proliferation of files, you must develop a records management system that you can refer to daily to decide what you must keep and what you can toss.
Maintaining personnel records used to be a whole lot simpler. In fact, any HR department that wanted to be absolutely safe on the subject simply issued a “keep everything” policy. But now, that same “keep everything” strategy can cost you as much as a lawsuit. Maybe even more.
Despite what you may think, not all charities are created equal. Some organizations qualify as “50% charities” while others are “30% charities.” Different tax limits based on your adjusted gross income may apply.
The challenges facing HR pros who specialize in talent, compensation and benefits are dramatically different today than they were just a year ago. At Deloitte Consulting, we call it “the talent paradox”—the apparent contradiction that occurs when unemployment is still relatively high, yet companies still are seeing significant shortages in critical talent areas.
Q. I paid for my daughter’s experimental surgery in 2010. Can I deduct the cost as a medical expense if she’s no longer my dependent?
Q. My husband is receiving a corporate buyout. Will the severance pay be subject to payroll taxes?
Q. My calendar-year business incurred a loss in 2010. Can it be carried back to offset 2005 income?

The new 2010 Tax Relief Act creates favorable estate tax rules for the two years extending from Jan. 1, 2011, through Dec. 31, 2012. If it suits your needs, you can also choose to use the “new rules” instead of the “old rules” for a decedent who died in 2010.

Q. My S corporation had a bad year in 2010. Could this affect my deduction for charitable contributions as a joint filer?