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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If you're selling your share of the family-owned business, you have plenty of reasons to offer relatives, who are current owners, first shot at buying your portion.

For some people, waiting until mid-April to file their individual income tax returns simply represents a bad case of procrastination. Others hold out so they can keep their money until the last possible moment. Whatever your reason, if you haven't filed yet, you can still cut your 2004 tax bill with a few timely tactics and tax-smart choices.

A recent IRS ruling on involuntary retirement plan cash-outs caught a lot of retirement plan administrators with their pants down. Now, the IRS is giving those plan administrators a break for the 2005 plan year.

While you can still claim top-dollar deductions for your charitable donations, the massive new tax law signed last October—the American Jobs Creation Act of 2004—imposed new limits on certain donations. Now that the dust has settled, this much is clear: It's more important than ever to keep proper donation records. If you don't, you could lose all or part of your deductions.

The U.S. Supreme Court agreed last month to take up cases that could affect your payroll practices under the Fair Labor Standards Act (FLSA), particularly if you employ people who must ...
Issue: A new IRS ruling says signing bonuses and early-termination payments are considered taxable wages.
Risk: Overlooking that decision can trigger compensation problems or IRS penalties.
Action: Take this ...
Issue: Your policy of periodically deleting business e-mail.
Risk: Courts could penalize your organization if it deletes e-mail messages that relate to a potential lawsuit.
Action: Alert IT to ...
You may be surprised to know that U.S. businesses lose an average of 6 percent of their annual revenues to employee fraud and theft, and smaller businesses are even more vulnerable. So, instead of just trying to shield your organization from outside intruders, you may want to focus security efforts equally (if not more) on […]
Issue: Web-based payroll services for small businesses offer more features than ever, and at better prices.
Benefit: Save HR time and cut your administrative costs.
Action: Look into the ...
Last month, California software firm Hyperion began offering
its employees $5,000 toward the purchase of gas/electric hybrid vehicles, such as the Toyota Prius or Honda Insight. The 1,500-employee company budgeted ...
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