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.

Q. Payroll taxes are hurting our bottom line. May I convert part-time bookkeepers to "1099" employees?

Some employers unknowingly misclassify some of their employees as independent contractors. In doing so, they risk suffering severe consequences. By becoming familiar with the following tests, you minimize the chances of misclassifying an employee.

Q. I work for a nonprofit agency. We plan to start using an agency credit card. We need a policy that covers who can use the card and when, plus some other things I haven’t thought of yet. What should the policy include?

The economic recovery and stimulus bill President Obama signed Feb. 17 features several provisions affecting HR. Most require federal agencies to write new administrative rules, so it’s difficult to predict now exactly how they will work on an everyday basis. Here are some key provisions in the American Recovery and Reinvestment Act.

President Obama’s budget outline is casting a long shadow over tax planning. Although the proposed tax changes generally would not take effect until 2011, upper-income individuals and businesses would shoulder the brunt of the burden.

If you’re one of the 11 million account holders who have more than $120 billion invested in tax-free Sec. 529 plans for a child’s or grandchild’s college education, we’ve got good news about investment options. A new IRS ruling allows you to change your investment mix up to two times during the 2009 calendar year.

Q. In your article on the new stimulus law, you said that the Making Work Pay credit phases out beginning at an AGI of $150,000. Doesn’t it depend on modified AGI?

After 38% of Prudential Financial’s employees identified themselves as adult caregivers in a 2004 survey, the financial services firm started ramping up its elder care benefits. Today, the firm offers more than half a dozen benefits for employees who help out older parents and spouses.

Help your company maximize its business deductions by keeping comprehensive records of travel, entertainment and gift expenses. Keep your records organized in a diary or a statement of expenditures, supported by documentary evidence. Documentary evidence ordinarily is considered adequate if it discloses the amount, date, place and essential character of the expense.

Attention, filing procrastinators: The IRS is opening up free e-filing to all individual taxpayers on 2008 returns. Should you do it? Our advice: Weigh the pros and cons. While filing electronically certainly has advantages, there are drawbacks, too. It’s not for everyone.