Small Business Tax Deduction Strategies — 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 50
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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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The IRS may hold an individual personally liable for a “willful” failure to pay employment taxes on time. Even a hands-off business owner could be socked with a seven-figure tax bill, as the following case shows.

Q. Regarding your recent article, Any tax impact if I don't take IRA distributions in '09, I question why you would pay income tax quarterly when the RMD is taken in the last quarter. Is your answer accurate?

The New Jersey Legislature’s Office of Legislative Services has clarified that the state’s new family leave law isn’t to be funded with taxes on retirees’ pension payments.

Under the new economic stimulus law—the American Recovery and Reinvestment Act of 2009—you can deduct state and local taxes paid to purchase a new vehicle. The rules seem straightforward enough, but watch out for a few interesting twists and turns. Strategy: Do the tax homework before you buy a new set of wheels.

Suspending contributions to employees’ retirement accounts can immediately save an organization some cash. As the recession wears on, more businesses are looking at that option. Still, few are actually taking this step, and the ones that are have said it is temporary.

Although summer is officially right around the corner, there’s no vacation from tax planning. If you’re dedicated, you’ll be able to bask in tax savings as the weather heats up. Here are seven prime examples:

According to a recent report by Accounting Today magazine, small businesses are being targeted for tougher scrutiny from the IRS. Federal tax audits of small businesses with between $10 million and $50 million in assets increased 29% from 2005 to 2007.

You now have a new tax incentive to invest in fledgling corporations, thanks to the new economic stimulus law. You might even want to plow some money into your own company. Strategy: Buy new “qualified small business stock” (QSBS).

It's unlikely the one-year estate tax repeal in 2010 will occur. Proposed legislation retains the $3.5 million estate tax exemption and top 45% rate. It also reunifies the estate and gift tax exemptions.

The American Recovery and Reinvestment Act of 2009 gives small business owners a second chance at a “one-time” tax-saving opportunity. It revives the enhanced Section 179 deduction and “bonus depreciation” tax breaks that officially expired after 2008. These two tax goodies can be combined so that your small business can write off most, if not all, of the cost of new assets placed in service this year.

Uncle Sam often examines deductible travel expenses through a magnifying glass. So both employers and employees must meet strict recordkeeping rules—or face the consequences. Fortunately, you can take a shortcut. Use IRS-approved per-diem allowance rates in lieu of accounting for every bagel and cab ride from an employee's business trip.

Here’s a cautionary tale to consider if you’re planning to upgrade your time card to a high-tech electronic system.

When you set up a deferred compensation arrangement between you and your company, you agree to provide current services in exchange for a future payday. But there’s a chance you won’t live to collect the deferred comp. Strategy: Name your favorite charity as a contingent beneficiary. If your designated beneficiary predeceases you, the money goes to the charitable organization.

Recently, we addressed the risks involved in misclassifying employees as independent contractors and explored the three federal tests for getting it right. Be aware that Florida has own laws for determining whether a worker is an employee or an independent contractor. Along with the federal standards, you need to be familiar with the Florida tests.

The U.S. Department of Labor has filed suit against TMG National Holdings, a real estate development company based in Chicago, alleging it diverted funds intended for employee retirement benefits.

If you work for an educational institution whose students provide services while learning, prepare to change your payroll systems. Depending how a court rules, you may have to end the practice of paying student stipends as a way of avoiding collection and payment of Social Security and other payroll taxes.

Q. If we have a Supplemental Unemployment Pay Plan to supplement unemployment benefits, do the company and the employee have to pay FICA and FUTA taxes on the supplemental pay?

The new economic stimulus law subsidizes the cost of continuing COBRA medical coverage for some employees who have lost, or will lose, their jobs. But the burden of paying the rest of the premiums has shifted to employers. Strategy: Recoup the cost ASAP.

Is your closely held company struggling in these tough economic times? You may need to take some drastic measures, especially if the company already owes you money for a prior debt. Strategy: First, forgive the debt. Next, treat it as a contribution to your corporation. As long as you handle things correctly, neither you nor the corporation will have to pay any tax on the transaction.

As a way to cut costs, more organizations are replacing their company-paid benefits with voluntary benefits. However, choosing (or negotiating) the wrong voluntary benefits plan can result in extra fees, added paperwork and push-back from employees. Here are five key questions to ask when shopping for voluntary benefits:

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