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.
Q. We paid more than $39,500 in 2010 for our grandson’s tuition at Duke. Is there a way to get a credit or tax deduction?
Enacted at the end of 2010, the federal Claims Resolution Act amends the Social Security Act to require that employers report a new hire’s first day of work. That’s in addition to the six data elements already required for new-hire reporting.
Most people think of 50 as the magic number for the FMLA. “Oh, we have 50 employees, so now we have to comply with the FMLA,” is a popular refrain among HR departments. It is not that simple. The FMLA has two different rules that must be met before you have to offer FMLA leave to an employee—coverage and eligibility, which both have the magic number 50 as a key component.
Disneyland Resort workers have filed a lawsuit claiming the Walt Disney Co. is violating state law by encoding workers’ identification cards with their Social Security numbers. The workers say they’re worried that the encoded information on their ID cards could be accessed using barcode scanners such as the kind commonly available as smartphone apps.
A Houston-based grocery chain, Hong Kong Group Inc., has paid $2 million to settle a lawsuit alleging wage-and-hour violations that involved phony payroll records and attempts to coerce employees into returning pay they had already received.
Employees out on unpaid FMLA leave are still entitled to health insurance benefits if they were covered before going out on leave. However, if the employee was required to pay part of the premium before taking leave, that obligation continues.
Do you try to cut labor costs by hiring independent contractors to do employees’ jobs? If so, consider this risk: Both employees and independent contractors who do the same or similar work could join together and sue over unpaid wages and overtime.
Q. I’ve heard that there are new Illinois Equal Pay Act regulations I have to follow. Does this affect my record-keeping?
You can usually deduct 100% of your health insurance expenses if you’re self-employed. But you may do even better tax-wise. Strategy: Hire your spouse to work for the business. Then cover the spouse under your health insurance plan as an employee. As a result, your spouse can cover other dependents under the policy—including you!
Estate planning in the future remains cloudy, but the big picture for the next two years is clear, thanks to the 2010 Tax Relief Act. Strategy: Maximize the benefits of a lifetime gift-giving program. In other words, give generous gifts to family members. The bigger the gifts, the better.