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.

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.

Q. My wife is a believer in herbal remedies. Can we use our flex plan to cover these expenses?
Starting Jan. 1, 2011, the U.S. Department of the Treasury will no longer issue paper Savings Bonds through employer-sponsored payroll savings plans. Employees can still save through savings bonds, but the process will have to be done electronically.
Under the Pension Relief Act of 2010, an employer with an underfunded pension plan may be able to postpone some of its obligations. Instead of making up lost ground with extra contributions over seven years, the new law allows a plan sponsor to delay the start of the seven-year period by paying only the required interest for two years.
The Bush tax cuts for capital gains and dividends are scheduled to expire after 2010. And those aren’t the only tax breaks slated to vanish. But there is a small ray of hope. The Obama administration has proposed various changes that would provide a modicum of relief. Here’s the skinny:
More than three-quarters (78%) of small business owners predict the U.S. economy will either remain stagnant or get worse in 2011, says a U.S. Chamber of Commerce survey. In comparison, 64% of all Americans surveyed feel the same way.