President Obama’s budget outline is casting a long shadow over tax planning. Although the proposed tax changes generally would not take effect until 2011, upper-income individuals and businesses would shoulder the brunt of the burden.
Small Business Tax Deduction Strategies
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.
If you’re one of the 11 million account holders who have more than $120 billion invested in tax-free Sec. 529 plans for a child’s or grandchild’s college education, we’ve got good news about investment options. A new IRS ruling allows you to change your investment mix up to two times during the 2009 calendar year.
Q. In your article on the new stimulus law, you said that the Making Work Pay credit phases out beginning at an AGI of $150,000. Doesn’t it depend on modified AGI?
After 38% of Prudential Financial’s employees identified themselves as adult caregivers in a 2004 survey, the financial services firm started ramping up its elder care benefits. Today, the firm offers more than half a dozen benefits for employees who help out older parents and spouses.
Help your company maximize its business deductions by keeping comprehensive records of travel, entertainment and gift expenses. Keep your records organized in a diary or a statement of expenditures, supported by documentary evidence. Documentary evidence ordinarily is considered adequate if it discloses the amount, date, place and essential character of the expense.
Attention, filing procrastinators: The IRS is opening up free e-filing to all individual taxpayers on 2008 returns. Should you do it? Our advice: Weigh the pros and cons. While filing electronically certainly has advantages, there are drawbacks, too. It’s not for everyone.
Travel expenses are on the chopping block at many companies. Three ways to help save money on business travel: Book air travel well in advance or combine several trips into one; ask for the lowest rate when booking a hotel, then ask for one that's even lower; park cars at off-site lots near airports.
The IRS and the U.S. Department of Labor have just published guidance to help employers claim the credit for the new 65% COBRA subsidy and create the mandatory new COBRA notices. Look here for links to the documents and information you need to comply.
If you go by the book, you should buy equipment late in the year. Reason: Under the Modified Accelerated Cost Recovery System (MACRS), you can claim a depreciation deduction based on a half-year’s use, even if you use the equipment only for a few days in the year. Of course, you might not be able to wait that long to replace outdated or obsolete equipment ...
Sometimes, employees of one company may end up temporarily doing work for another company. If they are injured during the course of that work, who picks up the tab? Generally, the employer that carries the employee on the payroll and that controls the way the work is done.