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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  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).

Richard Rosenbaum, former president of RCI Inc., pleaded guilty in U.S. District Court, Western District of Michigan, to multiple counts of harboring illegal immigrants, tax evasion and fraud. Rosenbaum owes $16 million in restitution to the federal government and must forfeit more than $1.1 million in personal assets ...

A federal judge recently gave final approval to a settlement of a wage-and-hour lawsuit involving 500 primarily Latino janitors in San Antonio, Dallas and Chicago. Judge Amy St. Eve of the U.S. District Court for the Northern District of Illinois approved a $1,138,000 settlement compensating workers who were employed through Contract Cleaning Maintenance Inc. ...

Do you spend a good part of your day trading stocks? Elect stock-trader status.

When a Meridian Health employee lacked the money to bury a parent, she turned to the organization’s “When In Need” (WIN) employee emergency fund. Meridian Health, a group of nonprofit health care organizations in central New Jersey, created the WIN fund in 2001 ...

Although your business doesn’t have quite the same flexibility at year-end as individual filers, you still can reduce your 2007 tax bill. Here are eight top techniques usually available to small business owners.
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