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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Now that the massive health care law has finally been enacted, federal estate tax reform could be next. One interesting idea that has recently surfaced is to give estates a choice between observing the status quo (i.e., no estate tax in 2010) or the rules in effect in 2009.
The new health care law means new obligations for insurance companies, plus new responsibilities for employers. Here are the specifics:

Q. We have several employees that have been laid off and are receiving unemployment benefits. They have asked whether they are required to pay taxes on their unemployment benefits.

Q. We have salespeople who work on a straight commission basis. Do we need to track their hours?

The tax law permits you to deduct a casualty loss, within certain limits, for damage caused by an event that is “sudden, unexpected or unusual.” This often results from natural disasters like hurricanes, earthquakes and tornadoes, but you may also deduct losses from more mundane occurrences, such as traffic accidents. But if you caused the accident, can you still deduct a casualty loss for damage to your vehicle? It depends.

The U. S. Department of Labor, in conjunction with the IRS, has announced a “misclassification initiative” aimed at employers that misclassify employees as independent contractors. A 2009 Government Accountability Office report labeled misclassification a “significant problem” with “adverse consequences” for the government.

President Obama’s signing of the controversial Patient Protection and Affordable Care Act on March 23, 2010, marked the finish of a yearlong partisan battle. But for HR professionals, March 23 was a starting line—the beginning of big changes in the way they handle employer-provided health benefits. While many provisions won’t kick in until as late as 2014, some take effect this year. Here's a brief summary of the changes ....

Q. I left property at a charity’s unattended drop site last year. Can I deduct the value without a receipt?

The federal government’s Centers for Medicare and Medicaid Services (CMS) has postponed implementation of new regs that would have required employers to report any medical benefits payments to employees who are eligible for Medicare. Despite the delay, you need to know about this new requirement if you're self-insured or pay deductibles on Employment Practices Liability Insurance.

President Obama’s 2011 budget plan calls for the U.S. Department of Labor to hire 100 new enforcement personnel and gain $25 million in new funding to target employers that misclassify workers as independent contractors (ICs). This comes on the heels of a huge IRS audit program starting last month that randomly selects 6,000 employers for audits over IC and other employment tax issues. Here's a three-factor guideline on how to classify employee or Independent Contractor based off the IRS checklist:

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