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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The 2003 tax law slashed income taxes for most taxpayers. But what if you show a net operating loss (NOL) and no taxable income at year-end?

If you're still handling payroll yourself, you know it's time consuming and prone to errors. So here's some good news: A new crop of online payroll services are popping up and—no coincidence—the costs are dropping fast.

Staying one step ahead of the IRS isn't easy for most small businesses. One wrong step—a forgotten form, a lost receipt—could invite Uncle Sam's wrath.

Many business owners enter into "split-dollar" life insurance arrangements, in which the employer and employee share the cost of life insurance. But the IRS recently changed the rules, making those plans less attractive.

With interest rates near historic lows, your company may want to take advantage of the low cost of capital by issuing debt.

Parents on your staff face a big-time dilemma if they've got kids approaching the college years: How are they going to pay the ever-increasing tuition bills?

Q: I am a self-employed contractor and take in about $90,000 a year from my business. You said the new maximum expensing allowance is now $100,000, so can I write off the entire cost of a new $30,000 piece of equipment if I buy it in December? M.W., Lynbrook, N.Y.

Issue: Some state rules seem to clash with federal rules over whether you can require employees to accept pay via direct deposit.
Risk: By following your state law, in some ...

In 2001, President Bush's tax cuts increased the amount of your estate that is exempt from federal estate taxes to an even $1 million. As part of that law, the estate-tax exemption level will jump again, this time to $1.5 million, starting Jan. 1, 2004.

With Jan. 1 approaching, you need to once again adjust your estate plan to reflect the higher exemption level. The first three pages of this issue provide strategies to help you take full advantage of the new law. It lays out different strategies for people with medium-size estates, larger estates and valuable homes. Read on, then meet with your estate-planning professional.

Using a payroll service can streamline your business, but you (the employer) are ultimately responsible for paying federal taxes.

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