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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You might decide to reduce your taxable estate through lifetime gifts. But you’d also like to avoid a hefty gift tax on amounts above the $1 million lifetime gift tax exemption and annual gift tax exclusion ($13,000 per recipient in 2010). Consider “net gifts” to family members: The recipient pays any gift tax due on the transfer.

Raleigh, N.C.-based Morganite Industries has reaped a 178% return on the investment it made to put its benefits enrollment, communication and data exchange online. It took only seven months for the 2,500-employee organization—which provides tax, benefits, health, safety and financial services for its parent company, Morgan Crucible—to recoup its initial investment.

Q. We want to buy our business building. Can we write off most of the cost if we complete the deal by Dec. 31?
If you own a vacation home you rent out, rental deductions are limited to rental income if your personal use exceeds the greater of 14 days or 10% of the rental time. To preserve a deductible loss for 2010, rejigger your schedule.
Year-end tax planning doesn’t have to be personal. Here are nine ideas for cutting taxes that are “strictly business.” Consider the following techniques for calendar-year companies:

The uncertain future of the Bush tax cuts is causing chaos on several levels. Case in point: The IRS says that new 2011 income tax withholding tables will be delayed until it can figure out which way the wind is blowing. Normally, withholding tables for the upcoming tax year are released by mid-November of the current year.

The Small Business Jobs Act of 2010, signed by President Obama on Sept. 27, includes a bevy of tax breaks for small business owners. Here are the highlights:

The decision to convert funds in a traditional IRA to a Roth this year is hardly a slam-dunk. To reach a well-informed conclusion, you must take the relevant factors into account. This can be especially tricky for some parents of college-bound children. Strategy: Consider all the higher-education aspects. If you’re not careful, converting might do your family more harm than good.

The end for the Bush administration tax cuts may be near. Strategy: Examine your investment options. Depending on your situation, you may want to accelerate capital gains and dividends into the current year or defer them into succeeding years.
Q. Is it legal to adopt a once-a-month payroll for hourly employees?
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