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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Here’s a timely reminder for older business owners: Don’t forget to take required minimum distributions (RMDs) from company retirement plans and IRAs this year. You generally have until Dec. 31, 2010, to complete RMDs. Otherwise, you’ll be hit with a whopping tax penalty.

On Dec. 17 the president signed the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010” into law. This new legislation includes a slew of tax breaks across-the-board. Here are the top 20 for individuals and businesses.

Some little-noticed changes in the massive new health care legislation may affect flexible spending accounts in 2011. Strategy: Fine-tune your annual allocation to a health care FSA. Your decision during the open enrollment period should reflect new restrictions on qualified expenses. The same basic changes apply to Health Savings Accounts.

Q. If I contribute real estate to a charity, do I have to recapture depreciation deductions on the property?
Q. How can the Hiring Incentives to Restore Employment (HIRE) Act help us add staff?
After a late flurry of activity in Congress, President Obama inked the new Small Business Jobs Act on Sept. 27. This new legislation provides a bushel of new tax goodies that can benefit small business owners this holiday season. Here are eight ways to cash in on the tax breaks from Uncle Sam:
When it makes sense, you can shift income and expenses at year-end to your tax advantage. Here are 10 ways to trim your personal tax bill in 2010.
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?
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