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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Figuring out how to effectively — and legally — manage your team's personnel records is often a daunting task. But, developing a records retention schedule will ensure that you keep the records you need for operational, legal, fiscal or historical reasons, and then destroy them when they're no longer useful.

Sooner or later, you’ll run across this concept: Take out a biweekly mortgage to replace your monthly mortgage and save money in the long run. But don’t forget to factor in taxes. Because you can generally deduct the full amount of qualified mortgage interest, your “savings” with a biweekly mortgage aren’t as great as they seem. But this doesn’t mean you should dismiss the idea of a biweekly mortgage.

Q. What are the chances that the manufacturing deduction will be extended through 2011?

Would you like to get away to a tropical paradise this winter? Normally, you’d have to pay a steep price for such a trip, but there’s a way you can get Uncle Sam to pick up part of the tab. Strategy: Sign up for a convention relating to your industry or profession. As long as the primary purpose of the trip is business-related, you can write off all of your convention expenses.

If your annual tax return is complex, or you don’t have the time or inclination to cope with filing, you’ll probably use a tax pro for the dirty details. Strategy: Put your tax return preparer in the best position to help you. Follow these five simple steps, to save both time and money.

Are you one of those tax filing “early birds”? The IRS may have clipped your wings this year. Don’t rush to file if you itemize deductions or you’re claiming one of three tax deductions reinstated by the new Tax Relief Act of 2010.

Adding staff? Decide before you hire whether you want an employee or an independent contractor. Under the FLSA and some states’ laws, you must pay overtime to nonexempt employees—not so for independent contractors. Make the employee-or-contractor call well before you bring someone on board. Don’t assume you can make the designation later.

When President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 late last year, preservation of current tax rates and a one-year Social Security tax cut got all the headlines. But tucked into the broad statute were several provisions affecting employee benefits.
Q. What are an employer’s obligations to report new hires?

If you’re embroiled in a contentious legal dispute, taxes may be the last thing on your mind. But errors in the way you draft a settlement agreement could mean thousands of dollars going into Uncle Sam’s pocket—instead of yours. Strategy: Try to minimize the income tax consequences of a settlement. And do it before you sign the agreement. Once that occurs, you’re stuck with the deal you made.

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