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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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If your organization uses independent contractors, watch out: Starting in February, the IRS will begin intensive audits of 6,000 randomly selected employers. One key target: identify employers that are improperly misclassifying employees as independent contractors. If your company is selected for audit, follow good IRS examination management practices:

A family limited partnership (FLP) may be used to protect business interests from creditors. Assuming no ready market for the shares transferred to the FLP, the value can be discounted for estate and gift tax purposes. The IRS often challenges these discounts. In a new case, the IRS questioned the legitimacy of a transfer to a FLP shortly before the grantor’s death:

To concentrate single-mindedly on a single task, without diversion or distraction, keep asking yourself these questions:

The tax law contains a break for investing in qualified small business stock (QSBS). If certain requirements are met (e.g., the stock must be held five years), you can exclude (pay no tax on) up to 50% of the gain. The capital gains tax rate for QSBS is 28%, so the effective tax rate is 14% (50% of 28%). Now the new economic stimulus law has sweetened the deal.

HR Law 101: Under the Federal Unemployment Tax Act (FUTA) and state laws, employers are obligated to pay payroll taxes to provide unemployment compensation to employees who lose their jobs. By understanding how the system works, you may be able to cut your state tax rate through efficient claims control ...

A new defense appropriations law extends the COBRA premium subsidy for up to 15 months and also allows it for employees who are “involuntarily terminated” in January and February of this year.

For Anthony Armatys, a job with communications company Avaya was the best job he never took. The Illinois man recently pleaded guilty to theft by deception after he failed to report that Avaya had deposited $469,000 worth of pay into his bank account, despite the fact that he never put in a day’s work for the company. Latest news: He's scheduled to be sentenced on Jan. 8.

Here are the key tax-filing deadlines for 2010. Keep this tax calendar handy for reference throughout the year. Note: If your business operates on a fiscal-year schedule for tax purposes rather than the usual calendar-year schedule, your due dates for each quarter will line up differently.

Nothing takes the shine off an employee achievement award faster than having to pay taxes on its value. However, it’s entirely possible to design a recognition program that doesn’t cause tax liability for your employees—and is fully tax deductible for your organization.

Small business owners usually aren't HR professionals. Figuring out how to effectively — and legally — manage your personnel records is often a daunting task. But, developing a records retention schedule will ensure that a small business keeps the records it needs for operational, legal, fiscal or historical reasons, and then destroys them when they're no longer useful.

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