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.

There’s more than just semantics involved when you’re talking about the tax treatment of “repairs” for a business building versus “improvements.” On one hand, the cost of repairs made by your business is currently deductible. On the other, the cost of improvements must be capitalized and written off over time via depreciation deductions.

Typically, if you have a downtown office and take work home on nights and weekends, you won’t qualify for a home office deduction. Reason: The home office isn’t your principal place of business. But don’t give up! You still might be able to deduct certain expenses connected with that home office.

Texas Workforce Commission Chairman Tom Pauken of Dallas recently announced that Texas employers should expect their unemployment insurance taxes to rise significantly next year. Pauken said the increase in layoffs is close to exhausting a state trust fund.

Q. One of my employees who recently quit has failed to pay back a personal charge he made on our corporate credit card. Can I simply deduct the amount of the charge from his last paycheck or withhold his final paycheck until he pays for the charge?

An arbitrator has awarded $1.2 million in back pay and damages to 19 former employees of Wurld Media, Inc. The Saratoga Springs-based Internet startup, which marketed a product similar to iTunes, began having trouble making payroll in 2006.

Q. We can’t afford to give employees raises this year. Can we provide group life insurance, which would be cheaper, instead?

After a summer spent getting an earful from vocal constituents, Congress is trying to muster support for—or stop—competing versions of what President Obama now calls health insurance reform. There’s no guarantee that Obama will have a bill to sign before the end of the year. But if he does, it will almost certainly include three elements that will affect comp and benefits pros:

The federal government has slowly been introducing laws that force employers across the country to provide employee benefits: for example, the FMLA, USERRA and the ADA. Now Congress is considering several legislative initiatives that would require employers to provide additional benefits.

We usually don’t advise you to begin taking early withdrawals from your qualified retirement plans and IRAs. But you may be facing a cash crunch during this recession with no other alternative. The tax rules differ slightly for qualified plans and IRAs, but here are five ways to get your hands on the cash.  

Are you collecting your maximum tax breaks from the massive economic stimulus law passed earlier this year? The IRS has issued a fact sheet touting the tax perks available to small business owners under the new American Recovery and Reinvestment Act of 2009. Here are eight key provisions: