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 60
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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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How can you cut operating expenses down to size? Using more independent contractors might be the answer. But you can’t simply label workers as “independent contractors” when it suits your needs. Stick to your guns for legit arrangements. In a pinch, you might rely on “Section 530 relief” to bail you out.

Q. I’ve started using my spouse’s car for business this year. We bought the car in 2005 for about $35,000. Can I base my write-offs on the full cost?

Q.  I may set up a second business from home as a sole proprietorship. Do I have to pay myself taxable wages? A.S., Portsmouth, NH

Gov. Jon Corzine and State Sen. Stephen Sweeney, D-Gloucester, are pushing a bill that would make New Jersey the third state to offer mandatory paid leave to employees to care for a new child or sick relative. Sweeney originally proposed 10 weeks of leave, but said in November he would consider cutting that to six weeks if it would get the proposed plan passed ...

The IRS has updated its online alternative minimum tax (AMT) calculator.

The maximum tax rate for long-term capital gains in 2007 is only 15 percent for high-income taxpayers. Even better, the rate is a minuscule 5 percent for some lower-income taxpayers. But how low can you go if you really try?

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?

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 ...

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 ...

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).

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.

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