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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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.

Summer is usually when employees who belong to the National Guard and military Reserves give their two weeks of duty to Uncle Sam. Now is the time to prepare for their absence, by following these eight tips.
Are employees who enrolled their kids in day camp this summer suffering sticker shock? Remind them that they can defray those expenses through the company’s dependent care assistance program or seek reimbursement through their dependent care FSAs.
June is wedding month, which means name changes for brides who take their husbands’ names and couples who hyphenate their names. Reminder: Newlyweds must get replacement Social Security cards showing their new names.
The Defense of Marriage Act (DOMA) prohibits the extension of federal marriage benefits to same-sex couples who marry under state law. Some federal courts have ruled DOMA unconstitutional, and the Department of Justice says that it will no longer defend the law. But the IRS says it’s still enforcing DOMA as it applies to the tax laws that cover married couples.

States that borrow from the federal government to pay regular unemployment benefits must pay back those loans, including interest. The 2009 American Recovery and Reinvestment Act waived interest payments for two years, but that provision expired at the end of last year, leaving an estimated 30 states to face a financial bind. President Obama’s 2012 budget proposal contains relief for strapped states and employers.

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