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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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:

Move over, Google. Microsoft grabs tech headlines this month by adding zippy new features to its Internet Explorer browser. Here are four cool tricks that will save time for you and your employees.

Say you’re contemplating an investment in a new business venture. It’s somewhat risky, given the current economic conditions, but you may want to help a relative or friend get the business off the ground. Unfortunately, if things don’t pan out, the loss would have limited tax value. Strategy: Invest in Section 1244 stock. That way, as long as certain requirements are met, you can write off up to $100,000 if the business fails.

Common situation: You help a low-income parent with his or her living expenses. Under the tax law, you can’t claim a dependency exemption ($3,650 for 2009) for that person unless you provide more than half of his or her annual support. Strategy: Chip in a few more bucks in the second half of the year. If it pushes you over the half-support mark for 2009, you might qualify for an extra exemption.

Have you looked into starting a retirement plan for your small business operation? You’d probably like to help employees salt away some money for the future, but you may have decided most options are too expensive to set up and administer. Strategy: Use a payroll deduction IRA. This is the easiest IRS-approved option available to employers. What’s more, you can set up the program and run it at virtually no cost.

The enhanced Sec. 179 deduction is a tax bonanza for small business owners. You can write off up to $250,000 of new business assets placed in service in tax years beginning in 2009. But remember: The Sec. 179 deduction is limited to the amount of annual taxable income from the business. Strategy: Buy new assets soon and place them in service before Oct. 1. Here's why.