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 “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:

Starting Feb. 1, the IRS will begin intensive audits looking into the employment tax compliance of 6,000 randomly selected employers. One key target: identify employers that are improperly misclassifying employees as independent contractors. If your company is selected for audit, follow good IRS examination management practices.

How can you check out a charitable organization’s status? The easiest way is to investigate it online. (Tip: Just having an “.org” extension isn’t enough.) Here are three top resources:

Smart organizations educate their employees about acceptable email use and follow a policy of regular computer-file purging to keep the company network free of unnecessary data  storage. But what ...

If your organization uses independent contractors, watch out: Starting in February, the IRS will begin intensive audits of 6,000 randomly selected employers. One of the key targets: Determining whether employers are improperly misclassifying workers as independent contractors to save on taxes and legal risks.

Every day, 61 million local searches are conducted online. Clearly, if your business isn’t visible in search results, you’re losing out to competitors that are visible.There are many ways to make your business search friendly. But one of the quickest, easiest and free ways to boost your search visibility is by making smart use of “tags.”

Q. My husband is on a special diet because of a medical condition. Can we deduct his food as a medical expense?

Q. What are my responsibilities as an employer for maintaining employees’ wage records?

These days, with employers having to do more with less, lots of companies outsource some functions that take a lot of time. If a vendor handles your payroll, make sure someone on the inside understands exactly how the outside provider calculates tricky things like overtime pay.

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