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Small Business Tax

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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Suppose you’ve carried forward a short-term capital loss from securities sales in prior years. Now you’re poised to sell stock at a sizable long-term capital gain. Think twice. Unless circumstances dictate otherwise, postpone the sale or realize a short-term gain instead.
The tax law limits deductions for travel and entertainment (T&E) expenses, in­­cluding meals. But if an arrangement involves a third party—say, a leasing company—who does the limit apply to?
Due to a little-noticed provision, employers in many states may not be able to claim the maximum amount of state unemployment credits to offset 2013 liability for federal unemployment tax (FUTA).

Environmental cleanup costs generally must be capitalized, which means that there’s no current write-off. Strategy: Claim a current deduction for the cost of removing mold from a business building. The IRS differentiated a situation involving mold removal in a private letter ruling back in 2006.

The price tag on a college diploma keeps going up, but at least you might be able to salvage some tax benefits if you’re paying the tab. Strategy: Maximize benefits for the American Opportunity Tax Credit.
Of course, higher taxes are a major concern for upper-income taxpayers in 2013. The top tax rate increases from 35% to 39.6% on ordinary income, while the maximum rate for capital gains and qualified dividends soars from 15% to 20%. But that isn’t the only tax obstacle in your path this year. Strategy: Don’t forget about the Alternative Minimum Tax (AMT).
It seems to happen every year. The fate of several soon-to-expire tax breaks for small businesses remains unknown. Here are seven of the “biggest and best” on the books.
Q. I’ve heard that municipal bonds are no longer tax-free. Is that true? E.H., Bellingham, Wash.
Usually, you’re guilty until proven innocent in the eyes of the IRS. But now the nation’s tax collection agency is making it easier for certain taxpayers, like those suffering in abusive situations, to qualify as an “innocent spouse.”
The most onerous rules for em­­ployers and employees included in the massive 2010 health care law—the Patient Protection and Affordable Care Act (PPACA)—have yet to take effect. But qualified small business owners may already benefit from a generous tax credit for providing health insurance coverage to workers.
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