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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It usually takes a long time—39 years, to be exact—to recoup the full cost of a business building through depreciation deductions. But there’s a way to secure faster tax benefits. Strategy: Separate building components for tax purposes. As long as you meet certain requirements, you may write off the cost of some building components in only five or seven years.

Food service giant Sodexo has labeled some of its employees as “hard to reach”: those who work at client locations or telework from home or whose jobs don’t involve regular use of computers or e-mail. Now it’s offering managers several methods to reach out to them to ensure that they have knowledge, team spirit and the sense of belonging that are necessary to build a highly engaged workforce.

The Social Security Administration has resumed sending employers letters regarding mismatches of em­ployees’ names and Social Security numbers. Since employee name/SSN matches are critical to payroll administration, you’re right to be concerned. But there seems to be some confusion over these letters.

Although the federal estate tax is back for 2011 and beyond, the 2010 Tax Relief Act includes several favorable estate and gift tax changes, at least for two years. But there’s yet another estate-planning concern for wealthy individuals: Don’t forget about the generation-skipping tax (GST).

Suppose you realize you’ve missed out on a tax deduction or credit on your 2010 return. Or may­be you unintentionally failed to report income or miscalculated a capital gain or business deduction. Should you file an amended return? It often depends on whether you owe the IRS money or it owes you.

Is your direct deposit campaign a little long in the tooth? Now may be the best time to update your compensation sys­tem by adding pay cards to the mix. But before you call your payroll provider or bank to set up a pay card option, understand that there are legal and practical pitfalls you must avoid.

It may have flown under the radar, but the 2010 Tax Relief Act extends a key tax break for cleaning up hazardous materials on business property. Strategy: Finalize plans required for a cleanup. If you qualify, you can write off expenses incurred before year-end.

It’s not just about withholding, depositing and reporting anymore. Today, payroll’s responsibilities vary greatly, so we asked subscribers how much more they do:

Suppose you own real estate property in a pastoral setting that you want to preserve for future generations. Strategy: Donate a “conservation easement” to charity. As long as certain tax-law requirements are met, you can deduct the value of the benefit donated to a qualified charitable organization.

If you're raising a grandchild, make sure you’re claiming all the tax benefits you’re entitled to. To help, the IRS recently updated Pub. 4694, “Raising Grandchildren May Impact Your Federal Taxes.” Consider the following list of tax breaks that might be available to you:

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