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.

Although your business doesn’t have quite the same flexibility at year-end as individual filers, you still can reduce your 2007 tax bill. Here are eight top techniques usually available to small business owners.
Saving taxes is a year-round proposition, but tax planning takes on added significance at year-end. This Special Issue primarily is devoted to year-end tax strategies that can literally save you thousands of tax dollars. On the other hand, if you stand by idly, you’ll be missing out on valuable tax breaks.

Make a few smart moves as the year winds down, and you can slash the tax bills for both you and your business. The overall strategy: push income into next year and pull deductions into this year.

For your convenience, we’ve divided this year-end issue into two main sections:  personal and business. We offer you 10 ways to cut your personal taxes (starting below) and eight ways to trim business taxes.

Several key tax breaks are going off the books at the end of 2007 (unless Congress extends them), so take a look at our seven last-chance tax opportunities to cash in your tax chips now.

Issue: Employees too often see their base salary as their bottom-line compensation. Risk: Without a clear view of their total compensation package, employees become disillusioned and seek greener ...

Same work, fewer expenses and less hassle. That’s the perceived advantage of using independent contractors. But many employers have opted for freelancers only to find a new set of problems: lack of control, unreliable workers and, in some cases, litigation. It’s a complex issue that has invited wide scrutiny. A host of federal and state agencies are cracking down on employers that misclassify workers as independent contractors ...

A man who landed a job with the Penn-Harris-Madison (P-H-M) School Corp. after fleeing Hurricane Katrina has agreed to drop his race discrimination complaint in exchange for $15,000. As part of the agreement, the man will resign ...

Q. My company bought vital computer software in 2006. Can we deduct the entire cost under Section 179?

Bonus-depreciation deductions are a thing of the past. But that doesn’t mean you can’t pump up deductions for business assets this year. Take advantage of enhanced Section 179 provisions.

Do you have employees working on different contracts during the same week? If so, you must make sure you add up their total number of hours and pay overtime for the hours in excess of 40 per week. You can’t issue separate paychecks for each contract and avoid overtime payments. The Fair Labor Standards Act clearly states that all hours worked “for a particular employer” count for overtime, even if the work is done on different projects or contracts.

Why put your spouse on the payroll? Because you can gain six tax benefits.

The University of California Berkeley Center for Labor Research issued a research report on July 11 to determine the impact on businesses’ operating costs of two state health care proposals that aim to expand health care coverage in California. The findings: The effect will be negligible ...