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. 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.

Most small biz owners have a PC or a Mac at home. For example, a self-employed individual may use a home computer to run spreadsheets and keep business records, while the kids use it for homework and surfing the Internet. Strategy: Limit your personal use of the computer. If this is the only computer in the home, you might even buy another one for the rest of the family. It costs more upfront, but the tax savings are usually worth it.

Summer is a great 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. But 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:
Employment practice liability insurance (EPLI) covers you from employee lawsuit judgments. The jump in employee lawsuits is making EPLI a nearly must-have; so premiums are rising. Here's how to shop for a policy ...