The latest trend in the business sector has less to do with profitability and more to do with accountability. It is all about taking steps to protect the environment. Fortunately, there are a number of ways that employers and employees can implement environmentally friendly changes while saving taxes and money in the long run. Here are several areas for your consideration. Tax-free commuting: The tax code allows employers to provide tax-free payments or reimbursements to employees for certain commuting expenses. For instance, an employee may currently receive mass transit benefits of up to $115 per month. Similarly, employees can benefit from carpooling or vanpooling in a qualified company-owned vehicle. The maximum tax-free monthly benefit for this tax break is $115 per employee. Both of these fringe benefit amounts are adjusted for inflation on an annual basis. [continue]

Who are the beneficiaries of your estate? For many entrepreneurs, it is typically a combination of a spouse and children. However, part of the net worth you intend to pass to your loved ones could be eroded by estate taxes. Fortunately, you may be able to shelter your estate from tax through a "credit shelter trust" (also called a "bypass trust"). Background: Thanks to the unlimited marital deduction, any transfer of assets from one spouse to another is completely exempt from federal estate tax. Furthermore, for decedents dying in 2008, up to $2 million of assets can be effectively sheltered through the credit known as the estate-tax exemption. This exemption amount increases to $3.5 million for 2009. [continue]

Have you started planning for retirement yet? It is not something you can put off much longer-especially if you hope to call it quits before you are eligible to receive full Social Security benefits. Here are several questions to answer as part of an overall process. [continue]

Under a special tax law provision, you can exchange like-kind properties without paying any current tax. Both the relinquished property and the replacement property must be investment or business property. New ruling: The IRS says that a vacation home constitutes investment property for this purpose if it meets the following two-part test: [continue]

By now, you have probably learned that you cannot "do it all" by yourself. In fact, if you share some of the workload with your staff, you can build morale while you focus on your top priorities. However, delegating work to other personnel is more of an art than a science. The following are seven practical suggestions to observe: [continue]

No Tax Love Lost-In a new case, a taxpayer received $160,000 from the owner of her company. She claimed that the payment was a gift reflecting the owner's romantic interests. But gifts to employees are often scrutinized by the IRS to ensure that they are actually personal. To qualify as a gift, the payment must stem from generosity, affection, respect, admiration, charity, etc. Result: The Tax Court determined that this "gift" was an enticement for the taxpayer to stay with the company. Therefore, it constituted taxable income. [continue]