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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Unless a lame duck Congress acts by Dec. 31 to keep some of the so-called “Bush tax cuts,” tax rates will increase on Jan. 1, 2011, as pre-2001 rates go back into effect. That’s bound to upset employees who will find themselves with less take-home pay.
Q. The business use of my car will be less than 50% this year. Can I still claim deductions for business travel?
The health care reform law signed in March includes a provision that requires your organization to report the value of the health insurance provided to an employee on the employee’s Form W-2. But the IRS said last month that it will delay the requirement for at least one year. We've got links to the IRS documents that explain the postponement.

In a recent article, we pointed out several tax benefits for hiring a spouse. But your “better half” isn’t the only family member you can add to the payroll. Strategy: Give your children after-school jobs. By doing so, you can reduce the overall family tax bill and also avoid adverse "kiddie tax" consequences.

Starting Jan. 1, 2011, the U.S. Department of the Treasury will no longer issue paper Savings Bonds through employer-sponsored payroll savings plans. Employees can still save through savings bonds, but the process will have to be done electronically.
The Bush tax cuts for capital gains and dividends are scheduled to expire after 2010. And those aren’t the only tax breaks slated to vanish. But there is a small ray of hope. The Obama administration has proposed various changes that would provide a modicum of relief. Here’s the skinny:
Q. Isn’t there a special estate tax exemption for family-owned businesses? My accountant isn’t so sure.

The tax credit for hybrid vehicles is scheduled to expire after Dec. 31, 2010. So if you’re in the market for a hybrid, you may want to take advantage of a current deal, with a tax break to boot. However, be aware that the tax credit is reduced or no longer exists for some of the top-selling models.

Those rock-bottom tax rates for long-term capital gains and qualified dividends you’ve cherished the past few years are set to expire after 2010 … unless Congress takes action and the president agrees. Strategy: Don’t stand by idly while those tax cuts go by the boards. Here are five ways you might wring more tax savings from capital gains and dividends.
The federal estate tax law remains in flux. But with Congress seemingly unable to resolve the matter anytime soon, the current law repealing the estate tax for 2010 remains in effect. If you’ve been left in a quandary about estate planning, you’re certainly not alone. Nevertheless, you could make several logical moves this year.
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