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 end for the Bush administration tax cuts may be near. Strategy: Examine your investment options. Depending on your situation, you may want to accelerate capital gains and dividends into the current year or defer them into succeeding years.
Congress has “patched” the alternative minimum tax (AMT) each year for the past four years by bumping up the exemption amounts. The likelihood is that another patch is in store for 2010, but it has not happened yet. Here are the recent exemption amounts and the lower scheduled amounts for 2010 unless Congress takes action.
Q. Is it legal to adopt a once-a-month payroll for hourly employees?

You can’t deduct the cost of the time and effort you spend on behalf of charity. But that doesn’t mean your good deeds will go for tax naught. Strategy: Track your out-of-pocket costs. Even though you can’t deduct the value of your endeavors, you can write off actual expenses associated with charitable activities.

Unless a lame duck Congress acts by Dec. 31 to keep some of the so-called “Bush tax cuts,” tax rates will increase on Jan. 1, 2011, as pre-2001 rates go back into effect. That’s bound to upset employees who will find themselves with less take-home pay.
Q. The business use of my car will be less than 50% this year. Can I still claim deductions for business travel?
The health care reform law signed in March includes a provision that requires your organization to report the value of the health insurance provided to an employee on the employee’s Form W-2. But the IRS said last month that it will delay the requirement for at least one year. We've got links to the IRS documents that explain the postponement.
Many small businesses don’t set formal marketing budgets for themselves. Don’t skip this step: It will cost you time, money and results.

In a recent article, we pointed out several tax benefits for hiring a spouse. But your “better half” isn’t the only family member you can add to the payroll. Strategy: Give your children after-school jobs. By doing so, you can reduce the overall family tax bill and also avoid adverse "kiddie tax" consequences.

Is your child a high school senior? A gifted student may qualify for a college scholarship based on a specific talent, experience or achievement. Strategy: Aim for tax-free scholarships. That doesn’t mean your family should turn down awards that are taxable. But a tax-free scholarship provides more bang for the buck.