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.

Raleigh, N.C.-based Morganite Industries has reaped a 178% return on the investment it made to put its benefits enrollment, communication and data exchange online. It took only seven months for the 2,500-employee organization—which provides tax, benefits, health, safety and financial services for its parent company, Morgan Crucible—to recoup its initial investment.

At least you can be certain that Social Security taxes won’t be going up in 2011. Because a cost-of-living adjustment (COLA) for Social Security benefits isn’t going to happen for next year, the ceiling for the 12.4% Social Security tax will remain at $106,800 of wages and/or self-employment income for 2011.
As the end of the year approaches, investors can cash in some tax-saving opportunities. Here are seven prime examples:
Q. We want to buy our business building. Can we write off most of the cost if we complete the deal by Dec. 31?
Good news: The "wage base" for Social Security tax purposes will remain at $106,800 for 2011. Bad news: Correspondingly, Social Security recipients won't receive an increase in benefits in 2011.
If you own a vacation home you rent out, rental deductions are limited to rental income if your personal use exceeds the greater of 14 days or 10% of the rental time. To preserve a deductible loss for 2010, rejigger your schedule.
Q. I’m thinking of going back to school. Can I set up a Section 529 plan for myself?
Year-end tax planning doesn’t have to be personal. Here are nine ideas for cutting taxes that are “strictly business.” Consider the following techniques for calendar-year companies:

The uncertain future of the Bush tax cuts is causing chaos on several levels. Case in point: The IRS says that new 2011 income tax withholding tables will be delayed until it can figure out which way the wind is blowing. Normally, withholding tables for the upcoming tax year are released by mid-November of the current year.

The Small Business Jobs Act of 2010, signed by President Obama on Sept. 27, includes a bevy of tax breaks for small business owners. Here are the highlights: