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 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:
Q. I lost $500 playing in Fantasy baseball leagues with friends. Can I deduct the loss as a gambling loss on my personal return?
A long-standing proposal would impose a value-added tax (VAT) on U.S. consumers. In a a recent Sabrix survey on the impact of VAT on American businesses, the majority of executives polled were against VAT and agreed that it would significantly increase the cost of compliance.

The decision to convert funds in a traditional IRA to a Roth this year is hardly a slam-dunk. To reach a well-informed conclusion, you must take the relevant factors into account. This can be especially tricky for some parents of college-bound children. Strategy: Consider all the higher-education aspects. If you’re not careful, converting might do your family more harm than good.

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.