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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.

Take photos of your home or, even better, make a video showing the contents. Describe the items, their acquisition dates and their costs or approximate values. Then store it in a safe-deposit box. This is the best proof you can have if the property is ever damaged by a natural disaster ...
Q. I have two IRAs with different amounts. If I convert both to Roth IRAs, can I pay all the tax on one this year and spread out the tax on the other?
The IRS recently provided data about itemized tax deductions claimed on 2008 returns in the Winter 2010 Statistics of Income (SOI) Bulletin. The SOI Bulletin may be used to compute “average deductions” for taxpayers. If you’re “above average,” you could face greater exposure to audit risk.
Q. Will the new tax on health insurance plans apply to self-employed individuals?
Q. Will the new tax on health insurance plans apply to self-employed individuals?

The IRS has released the new “2009 Data Book,” which covers Uncle Sam’s fiscal year spanning Oct. 1, 2008, through Sept. 30, 2009. The Data Book shows how many returns the IRS audited in that year, what types of returns were audited and the number and dollar amount of civil penalties and criminal investigations. You might be able to use this information to steer clear of danger.

The IRS has released the new “2009 Data Book,” which covers Uncle Sam’s fiscal year spanning Oct. 1, 2008, through Sept. 30, 2009. The Data Book shows how many returns the IRS audited in that year, what types of returns were audited and the number and dollar amount of civil penalties and criminal investigations. You might be able to use this information to steer clear of danger.

Q. If my FSA covers medical expenses, can I also deduct them on my tax return?
Many entrepreneurs are proud of how hard they work, and of the long hours they have invested into building a strong business. Anyone who has built a company knows the hours are long. But when selling a business, it’s much better to be tan. If you cannot take a vacation or need to work 80 hours a week to make the business work, your selling price just went down.
Take time to assess your tax situation. By making a few moves midway through the year, you can cut your 2010 tax bill by hundreds or thousands of dollars. On the other hand, if you wait until the end of the year to seize these tax-saving opportunities, it’s often too late. Here are 10 timely techniques to contemplate.