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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. Concerning the Section 179 deduction, you specifically stated that sole proprietors, partnerships and S corporations enjoy this deduction. Is the same deduction allowed for an LLC?

Gov. Rick Perry has announced that 370,000 Texas employers will receive tax credits next year because the Unemployment Compensation Trust Fund has amassed a surplus of approximately $376.7 million ...

The Texas Workforce Commission (TWC) recently agreed to tell the IRS about employers that fail to properly pay state unemployment insurance taxes. The TWC joins 28 other state work force agencies in entering the new initiative, which expands on existing data-sharing efforts between federal and state agencies ...

2008 Tax Calendar
As the days in the year dwindle, you may think you’ve done everything possible to reduce your ’07 tax liability. But we still have a few tricks you might use as late as the final week of the year. Here are 10 ways to beat the clock:

Q  I quit my job this year and started a sole proprietorship. It’s going well, but the business will show a loss in 2007. Can I deduct business assets I bought against my salary under Section 179? E.P., Houston

The IRS has announced it’s stepping up audit efforts with a renewed emphasis on examining returns of small business entities. Watch out for these five danger signs that could lead to IRS inquiries.

Q. We’ve heard that a new law changes how we use Social Security numbers in the workplace. Is that true? ...

Does your organization have a policy requiring employees to retire (or step down to a lesser position) once they hit a certain “unbecoming” age? If so, a groundbreaking $27.5 million EEOC settlement shows that you’d better retire those policies … not the people ...

Uncle Sam often gives with one hand and takes away with the other. For instance, several key tax breaks that were created by legislation in recent years are going off the books at the end of 2007 (unless Congress takes action to extend them).

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