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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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).
Have you heard about the latest crazy tax deductions? How about the cholesterol deduction ... the Willie Nelson write-off ... the time machine ... or the stripper who bared her assets? These tax tales are part of the fifth installment of Bankrate’s 10 craziest tax deductions, culled from the files of CPAs across the country. Don’t try these outrageous tactics at home!
Current and former drivers of Bimbo Bakeries USA who sued the company for allegedly breaking California’s meal and rest break laws are now offering to settle for $3.75 million. In the original action, drivers also charged Bimbo Bakeries with violating the Fair Labor Standards Act by failing to pay them overtime.

Here’s some good news if you use truly independent contractors to perform work. If you have done it right, you don’t have to worry about losing an age discrimination lawsuit. But there’s a caveat: You must make sure you can easily prove your contractor wasn’t really an employee.

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.

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