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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A federal judge in Northern California has granted preliminary approval to a settlement reached between U.S. Remodelers Inc. and 270 current and former workers who sued the company for wage-and-hour violations.
Q. One of our employees recently took a company-issued BlackBerry with him on a business trip. The employee lost the BlackBerry while out on the town, and the company would like to have him pay for a replacement. Can we deduct the cost of a replacement BlackBerry from his paycheck?

Instead of making an outright sale of commercial or investment property, the tax law enables you to “swap” it for like-kind property without paying any current tax. However, things aren’t usually so cut-and-dried in the real world. For one thing, it’s unlikely the potential buyer of your property will own any real estate you desire. Strategy: Use a “qualified intermediary” to facilitate deals.

Companies everywhere are scrutinizing their payrolls and full-time employee head counts with an eye toward cost-saving measures ... and independent contractors. Just be aware that you'll need a concrete policy for managers to steer clear of the IRS and legal headaches in hiring outside workers.

Company.com, an information and lead generation portal for small and midsize businesses, has provided a list of 10 tips for helping businesses avoid IRS tax audits. Take these suggestions to heart. If you follow them diligently, you can dramatically reduce exposure to an audit.

The new HIRE Act provides a couple of key payroll tax breaks for employers that hire new employees. If your company hires a “qualified employee,” the business is exempt from the employer’s 6.2% Social Security tax portion of the FICA tax on the employee’s wages for the rest of 2010. Plus, the company is entitled to a new tax credit if it keeps the worker employed for at least 52 consecutive weeks.

Companies that use freelancers, consultants, per diems, long-term temps and other contingent workers are under assault. The federal government is poised to take a leading role in cracking down on employers it suspects of misclassifying employees as independent contractors. The feds aren’t alone ...

The IRS recently announced new depreciation limits for vehicles placed in service in 2010. (IRS Revenue Procedure 2010-18) The limits under the “luxury car rules” are comparable to the ones for 2009 except that you can no longer qualify for 50% bonus depreciation. Here’s a quick summary of the maximum depreciation deductions for 2010.
The Tax Court recently ruled in favor of a taxpayer who claimed approximately $5,000 in medical deductions for expenses relating to a sex-change operation. At trial, the Tax Court said the taxpayer’s hormone therapy and sex-reassignment surgery were incurred for the treatment of a disease. Therefore, these costs constituted tax-deductible medical expenses and were not cosmetic.
The IRS last month published the forms employers need to claim payroll tax breaks offered under the new HIRE Act. The forms include a new Form W-11 (HIRE Act Employee Affidavit) and a revised Form 941 (Employer’s Quarterly Federal Tax Return).
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