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.

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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 Of course, you might not be able to wait that long to replace outdated or obsolete equipment ...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.

Q. My husband suffered losses from gambling last year. Can we deduct the excess loss over 2% of our AGI?

Q. I’m setting up an LLC to be taxed as an S corp. Do charitable contributions made by this type of corporation avoid income tax limits?

In the current economic climate, it’s a good idea for your company to save money for a rainy day. But you can run into serious tax trouble if you hoard too much cash in the corporate cupboard. Strategy: Stay within the prescribed tax-law limits. Otherwise, your company could be socked with the “accumulated earnings tax.”

Employees say gift cards make the best gifts, rewards or incentives. But buying gift cards from stores during a recession could be risky. Before you spend your incentive budget on cards that generate more problems than appreciation, do some homework.

The $789 billion American Recovery and Reinvestment Act of 2009 (ARRA) signed on Feb. 17 by President Obama includes a handful of key HR-related provisions, including: COBRA subsidies, a Making Work Pay Credit and unemployment compensation.

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