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 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.

In California, you can’t terminate employees for coming forward to press for enforcement of wage-and-hour claims, even if it turns out the claims were unfounded. That’s because California law strongly supports employee rights to get all the pay they’re entitled to, and efforts to punish employees who are wrong would chill efforts to challenge their employers’ pay policies.

Using money from the federal American Recovery and Reinvestment Act stimulus funding law, a statewide initiative called Project HIRE (Hometown Investment in Regional Economies) could pay Ohio employers $6,000 to train each qualified new worker they hire.

Layoffs are difficult for employees and employers alike. In these tough economic times, some employers are trying to help employees during layoffs and help prevent the permanent loss of good employees by implementing supplemental unemployment benefit plans.

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?

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