Small Business Tax Strategies

Smart small business owners save thousands of dollars per year on their personal and business taxes by taking advantage of the legal loopholes that the government creates for their unique tax situation. Small Business Tax Strategies cuts through tedious tax code to reveal the bonanza of completely legal opportunities to grow personal wealth and secure an enjoyable retirement.  Learn more about Small Business Tax Strategies and the two free reports you’ll get when you subscribe...

Q. We may have to pay environmental cleanup costs as a result of an investigation. Can we write off all of the costs on this year’s return? Dayton, Ohio

A. Maybe, but you may have to move fast. The tax law permits manufacturers to deduct cleanup expenses involving hazardous materials located on sites that meet certain requirements. (IRC Sec. 198(c)(2)(A)) Under current law, the expenses must have been paid or incurred before Jan. 1, 2010. (IRC Sec. 198(h)) Otherwise, the costs must be capitalized.

Tip: The current deduction for environmental cleanup costs might be extended by new legislation. We will keep you posted.