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.
Don’t forget about a special tax credit for small businesses buried in the massive health care legislation passed in 2010. Determine if your small business qualifies for the credit. The credit can offset part of the cost of providing health insurance to your staff.
Q. Do we have to deduct $500 from our casualty loss deduction in a disaster area?
Question: My company provides group-term life insurance with a value of more than $50,000 to some retirees. I know I have to report the uncollected employee FICA taxes on their W-2s in Box 12 with Codes M and N. Do we have to pay the employer share of these taxes? If so, when are they due? Also, how are the amounts reported on Form 941?
Q. I have power of attorney over my mother’s affairs. Can I arrange a gift to myself to avoid estate tax?
Under the annual gift tax exclusion, you can bestow gifts of up to $13,000 per recipient in 2011, with no gift tax due. You don’t even have to file a gift tax return. But you must file the federal gift tax return, Form 709, if you elect the exclusion for joint gifts.
It won’t be long before the kids start heading back to school. How about you? Maybe you’ve decided to take a refresher course in your specialty at a local college. Or you could be thinking about shifting gears and starting a new career path. In some cases, you can deduct your business education expenses; in others, you can’t.
Q. I’ve shifted from being self-employed to a corporation. Can my company pay the FICA tax being withheld from my paychecks?
In what has become an annual rite of passage, the IRS has issued its list of the “dirty dozen tax scams” for 2011. Here’s what you should be avoiding.
Q: An employee has taken a second job with our company on a part-time basis. Would our reimbursement of his travel expenses from his first job to our workplace be a tax-free reimbursement, or a taxable commuting expense?
Q. My friend insists he’s better off passing up the capital gains rate for bigger deductions. Is that possible?