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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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Charitable-minded retirees who have reached age 70½ have another chance to do a good tax deed with benefits. The 2010 Tax Relief Act extends a tax break for “charitable rollovers.” Strategy: Donate funds directly from your IRA. In other words, instead of taking a taxable withdrawal and contributing the difference, you can tap into IRA funds to provide the full amount to charity. There’s zero tax due on the distribution.

In a fight over whether payments from an S corporation to its sole shareholder are dividends or salary, the IRS has the final word. Now a federal trial court has ruled that the IRS had authority to recharacterize non-FICA-taxable dividends distributions from an S corp to its sole shareholder as FICA-taxable wages.

There’s one tax loophole on the books that’s large enough to drive a truck through … literally. Now it’s even “bigger and better” than before. Strategy: Buy a heavy-duty sport utility vehicle for your business. Due to a provision in the 2010 Tax Relief Act, you can write off most or all of the cost of an SUV placed in service this year—without the usual restrictions.

Are you thinking about dismantling the credit shelter trust you set up years ago? Not so fast. There are still plenty of reasons for keeping the trust. The new estate tax rules in the 2010 Tax Relief Act that seemingly discourage the use of credit shelter trusts are scheduled to “sunset” after 2012.

Unit Texas Drilling has settled a DOL lawsuit that claimed the company stiffed 824 drillers, derrickmen and floor hands out of overtime wages they should have received. Now the company, based in Humble, will make good on its obligations under the FLSA—a total of $579,910.

The new 2010 Tax Relief Act preserves favorable tax treatment for qualified dividends through 2012. Thus, you can benefit from a low tax rate for the dividends you receive from most domestic companies. Strategy: Expand your investment horizons. This tax break also includes dividends received from “qualified foreign corporations.”

No company can function without maintaining a variety of records. To control this massive proliferation of files, you must develop a records management system that you can refer to daily to decide what you must keep and what you can toss.
Maintaining personnel records used to be a whole lot simpler. In fact, any HR department that wanted to be absolutely safe on the subject simply issued a “keep everything” policy. But now, that same “keep everything” strategy can cost you as much as a lawsuit. Maybe even more.
Despite what you may think, not all charities are created equal. Some organizations qualify as “50% charities” while others are “30% charities.” Different tax limits based on your adjusted gross income may apply.
The challenges facing HR pros who specialize in talent, compensation and benefits are dramatically different today than they were just a year ago. At Deloitte Consulting, we call it “the talent paradox”—the apparent contradiction that occurs when unemployment is still relatively high, yet companies still are seeing significant shortages in critical talent areas.
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