Many small businesses underutilize tax deductions for de minimis fringe benefits. The beauty of the de minimis classification is that the business gets the tax deduction and the employee gets the benefits tax-free. This makes for happy owners and employees.

The newly enacted tax cut creates a new 2011 and 2012 estate tax. The new rules are taxpayer friendly in two respects. First, they are easy to understand. Second, they contain a $5 million exclusion (portable, if properly elected, for husband and wife, giving a married couple an exclusion of $10 million).

Tax law gives choices to the executors who are handling the estates of those who died in 2010. Choice one is to apply the 2010 rules. Choice two is to apply the newly enacted 2011 and 2012 estate tax rules.

The IRS deemed that frequent flyer miles and hotel reward points are tax-free until further notice. However, cash rewards are another matter. First, cash rewards are not gross income. Second, they reduce basis. Third, they produce a deduction when you donate them to charity.

Your claim to Section 179 expensing comes with strings. You make a deal with the government to keep your business use above 50 percent during the depreciation periods for the assets that you expensed. Should you violate your agreement, the government shows up to recapture Section 179 expensing.

Tax savings when renting to relatives depend on your compliance with the tax law’s fair-rent standards and your relatives’ use of the property. Violate these rules and you face the triple whammy of additional taxation.

The business gift basket runs into the $25 limit on business gifts. If you want to deduct more than $25, you need to know the rules in this article that produce bigger deductions.

Allowing your church to use office space free does not produce a tax deduction for you. Make sure you know the rules on these types of donations, including the rules that apply when you donate a week at your timeshare or vacation home.

Section 1031 exchanges are perfect when you are going to stay in the real estate rental or investment business. When it’s time to cash out, you need to look at different strategies that help you avoid taxes and give you cash to spend (liquidy).

Making gifts to promote your business is complicated by time, inflation, and poor tax legislation. Make sure you know the rules so that you keep your tax deductions on your tax return.

You need to know, and avoid, the five tax problems you can encounter when you gift business property to your parents, children, or others.

When you claim a Section 179 expensing deduction, you make a deal with the government. You agree to give back your early tax benefits if, during the recapture period, your business use drops to 50 percent or less.

Most of the business property that you will expense and depreciate in this year’s tax return is MACRS (modified accelerated cost recovery system) property. When you convert this property to personal use, you need to know four rules to avoid recapture problems.

When a business vehicle is given away as a personal gift, it is subject to recapture on any expensing or depreciation deductions in excess of straight-line depreciation.

Lawmakers wiped out tried-and-true tactics for getting the government to help with the cost of your child’s college with the new tax law in 2007. You can do a lot to mitigate the damage if you get after this problem right now.

Lawmakers wiped out tried-and-true tactics for getting the government to help with the cost of your child’s college with the new tax law in 2007. You can do a lot to mitigate the damage if you get after this problem right now.

The $250,000 exclusion on the sale of this home is complicated by the mother and daughter owning this home together.