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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Failing to comply with a new law could wind up costing some employers lots of money—if they’re self-insured or pay deductibles on Employment Practices Liability Insurance coverage. As of Jan. 1, entities that pay Medicare-eligible individuals to resolve claims involving medical expenses must report those payments to Medicare. The penalty for noncompliance: $1,000 per day.

Q. Can I deduct the cost of an employee’s error from his or her paycheck?

As you thumb through the mail one day, an unassuming letter catches your eye. Return address: The IRS. You nervously tear open the envelope and your worst fears are confirmed: The IRS has chosen your return for a correspondence audit. How do you beat an IRS audit?

If you bought a new car in 2009, get out your calculator: Your tax deduction choices are more complicated this year. Here’s why:

With the IRS beginning a nationwide crackdown on employers that try to dodge payroll taxes, now’s the time to make sure your workers are properly classified. Starting in February, IRS auditors began poring over the records of thousands of employers to root out organizations that try to cheat the system by calling workers contractors when they’re actually employees.

Form 1040 isn’t the only IRS form that’s been updated for 2009 tax returns. Here are several major changes on the accompanying Schedule A (Itemized Deductions), Schedule B (Interest and Ordinary Dividends) and Schedule D (Capital Gains and Losses).

The IRS' standard mileage rate for business drivers in 2010 is just a half a buck for each business mile traveled. That’s a nickel a mile less than the rate allowed in 2009. Strategy: Switch to the “actual expense” method for this year. Even if you initially started using the standard mileage rate in January, you still can come out ahead if you change your record-keeping habits now.

There’s nothing humdrum about the Form 1040 you’re about to file with Uncle Sam. Thanks mainly to the economic stimulus law passed last year—the American Recovery and Reinvestment Act—the ’09 return is chock-full of tax breaks for the well-informed. Here are 10 tax moves to wake up to this year:

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?

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