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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Usually, a married couple keeps “his” and “hers” automobiles. In other words, you drive your car, and your spouse drives a different car. This situation is even more common when one spouse uses a car mainly for business driving.
Sometimes it pays to be just “average.” Take your federal income tax return, for example.
Deducting medical bills ... Funeral expenses ... Home offices ... Write-offs for business cars

If you travel extensively on business, you probably know the drill: Either the airline or hotel, or both, may offer a lower rate if the stay includes a Saturday night. It’s not as prevalent as it was years ago, but Saturday night stay savings are still around.

There’s a way you can make your charitable donations count while maximizing the tax benefits allowed under law.
Are you planning to take a refresher course at a local school?
If you sell your business, you might owe a hefty income tax on the appreciated interest. Saving grace: At least you may be able to avoid the 3.8% Medicare surtax on net investment income (NII), depending on the exact circumstances. But what about your kids and other family members who are shareholders? They could get walloped by the surtax.
If you own your life insurance policy, the proceeds will generally be included in your taxable estate for federal estate tax purposes when you die.
Congress has “huffed and puffed” in recent years and threatened to blow down the tax break for like-kind exchanges. But it hasn’t happened yet.

You’re the boss of your C corporation business, so you can simply pay yourself as much as you want, right? Wrong.

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