Small Business Tax — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Page 274
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Small Business Tax

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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Do your employees need special tools for their jobs? Typically, you provide the tools that workers need or you reimburse employees for tools they must buy on their own. If you handle everything correctly, those reimbursements are tax-free to employees and tax-deductible for you.

With gasoline prices shooting through the roof, the IRS took the unusual step last month of increasing the standard mileage rate deduction for the final four months of the year.

Starting in 2006, taxpayers will be able to give cash gifts of up to $12,000 to each recipient without facing gift-tax issues. That's up from $11,000 this year. Married couples can give twice as much.

"Passive activity loss" (PAL) rules say that losses from passive activities are limited to annual passive activity income. In general, rental real estate is treated as a passive activity.

Q: My daughter is a college freshman and I bought her a new laptop through the school. Does that qualify for a tax-free withdrawal? C.K., Syracuse, N.Y.

Q: I bought stock for about $5,000 and gave it to my son when it was worth $4,000. Now the stock has fallen further and is worth about $3,500. My broker says my son will only have a $500 loss (not $1,500) if he sells it. Is that true? E.B., Miami

The first piece of our audit series explained how you can breeze through an IRS "correspondence audit" conducted through the mail. But the stakes are considerably higher—as is the stress level—if you're tapped for an IRS "office audit."

Q: I'm still confused about guaranteed withdrawal benefits and guaranteed monthly income benefits available with some variable annuities. I am interested in the guaranteed monthly income benefit. Can you explain the difference? V.G., via e-mail

Can you trust negative drug test results anymore?
The Internet is flooded with products, more than 400, according to a Business Insurance report, that help employees and job candidates cheat ...

Question: I'm retiring before the end of the year at age 64. My accountant says I've earned too much salary this year to receive any Social Security benefits. I thought the earnings test was eliminated years ago. If not, is there anything I can do now? Or do I have to work longer? — J.M.B., Boise, Idaho

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