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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South Dakota has replaced Wyoming as the state with the best “business climate,” while New Jersey remains the worst in the annual State Business Tax Climate Index (SBTCI) conducted by the Tax Foundation, an independent tax advocacy group. The SBTCI ranks states based on the taxes that matter most to businesses and business investment: corporate tax, individual income tax, sales tax, unemployment tax and property tax.

Q. My son was laid off from his job in April 2009. Does he still benefit from the new extension for COBRA subsidies?

President Obama’s State of the Union address on Jan. 27 outlined a broad agenda of tax provisions that are intended to breathe new life into the economy. The overall idea is familiar: take more from taxpayers at one end of the financial spectrum and distribute it to some at the other end, using a series a tax provisions. Here are some highlights of Obama’s proposed changes:

Q. I bought a new car costing $60,000 in 2009. Can I deduct the sales tax for the new vehicle purchase plus an amount for the optional sales tax deduction?

You may be liable for wage-and-hour violations involving people you don’t ordinarily think of as actual employees. That’s because California uses a long list of factors to consider when deciding whether someone is an employee. One of those factors: Who provides the individual’s paycheck and makes tax deductions? Another factor: Who gives directions to the worker?

Q. I’m selling my house where I’ve claimed home office deductions in the past but not depreciation. Will my home sale exclusion be reduced?

Thanks to a new law change, longtime homeowners can now get a piece of the homebuyer credit pie. But you have to move fast if you plan to buy a new home. To qualify, you must complete the purchase before May 1, 2010. If you secure a binding contract before May 1, you have until June 30, 2010, to finalize the sale. Best of all, you can claim the credit on your 2009 return—even if you buy the home in 2010.

Q. I live in a rural area where sidewalks are being installed and fixed. Can I deduct the extra property tax assessments?

The “Worker, Homeownership and Business Assistance Act” includes a powerful tax-saver for struggling business owners. It extends and expands the earlier Stimulus Act’s tax break for net operating losses. Strategy: Let the tax law do double duty. If you qualify, you can take advantage of the enhanced NOL carryback rules for both 2008 and 2009. A business that carries back an NOL to a profitable tax year is entitled to a quick tax refund from the IRS.

The end of the year came and went without formal approval of the “Tax Extenders Act of 2009.” But once enacted, the new law would retroactively extend a bunch of key tax provisions that expired after 2009. Generally, it will preserve these tax benefits for one more year. Here are the main tax winners for individuals and businesses:

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