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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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:

With the unemployment rate still holding stubbornly near 10%, Congress this month approved a new $18 billion bill that offers tax breaks to employers who add certain new employees to the payroll. President Obama signed it on March 18.

Don’t be in a rush to mail or e-file your 2009 tax return. Your haste can come back to haunt you in the form of penalties, interest and missed tax-saving opportunities. According to the tax pros, here are 10 common mistakes that plague individual filers:

The tax law may protect an “innocent spouse” from joint and several tax liability if numerous requirements are met. For instance, the understatement of tax must be due to errors or omissions by your spouse, and you must establish that you did not know—or had no reason to know—that there was an understatement of tax. However, as a new case shows, there are limits to the relief afforded to so-called innocent spouses.

The new Hiring Incentives to Restore Employment (HIRE) Act includes a provision to extend the enhanced Section 179 deduction for another year. Without the extension, the maximum Section 179 deduction would drop from $250,000 for 2009 to $134,000 this year.
President Obama's signature on the landmark Patient Protection and Affordable Care Act may not bring an end to partisan bickering about health care reform, but it does signal the start of big changes for HR. Here's a rundown of the new law's long-term effects on employer-provided health insurance — and several provisions you'll need to deal with right away.

A taxpayer who represented herself in a Tax Court tussle with the IRS has prevailed in a surprising new decision. The court allowed the taxpayer to deduct almost $15,000 of tuition incurred to attain a master’s degree in business administration. The new case may open the door to deductions in similar situations.

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