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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.

Some little-noticed changes in the massive new health care legislation may affect flexible spending accounts in 2011. Strategy: Fine-tune your annual allocation to a health care FSA. Your decision during the open enrollment period should reflect new restrictions on qualified expenses. The same basic changes apply to Health Savings Accounts.

Q. I just realized that I exceeded the annual limit on 401(k) deferrals. Am I in any trouble?
Q. If I contribute real estate to a charity, do I have to recapture depreciation deductions on the property?
Q. How can the Hiring Incentives to Restore Employment (HIRE) Act help us add staff?
Q. Can I contribute to a Roth IRA this year if I already converted some funds from my regular IRA?
After a late flurry of activity in Congress, President Obama inked the new Small Business Jobs Act on Sept. 27. This new legislation provides a bushel of new tax goodies that can benefit small business owners this holiday season. Here are eight ways to cash in on the tax breaks from Uncle Sam:
The federal government has announced  reductions in the “per diem rates” for its 2011 fiscal year. These rates may be used by employers in lieu of requiring employees to keep track of every business travel item. Strategy: You can still use the higher rates through Dec. 31, 2010. If it suits your purposes, postpone use of the lower rates until Jan. 1, 2011.
When it makes sense, you can shift income and expenses at year-end to your tax advantage. Here are 10 ways to trim your personal tax bill in 2010.
If you’re serious about your gambling activities, you may find yourself in a better tax position than if you were a casual gambler. Reason: A professional gambler can deduct losses up to the amount of winnings on Schedule C instead of claiming them as miscellaneous itemized expenses on Schedule A. But you just can’t call yourself a “pro” ...
You might decide to reduce your taxable estate through lifetime gifts. But you’d also like to avoid a hefty gift tax on amounts above the $1 million lifetime gift tax exemption and annual gift tax exclusion ($13,000 per recipient in 2010). Consider “net gifts” to family members: The recipient pays any gift tax due on the transfer.