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 your employees regularly incur business expenses that aren’t reimbursed by your company. For example, they might personally pay for business travel or tools. In that case, there’s a way to save income tax for employees while cutting payroll taxes for your company.
There’s a way to simplify recordkeeping for business travel expenses. Use IRS-approved per diem rates. Your company can rely on this shortcut for lodging and meals and incidental expenses of employees on business travel.
Now that autumn has arrived, it’s time to begin “harvesting” capital gains or losses from selling securities held in taxable brokerage firm accounts.
The maximum Section 179 deduction allowed under the tax law is currently only $25,000 for tax years beginning in 2015. Beware of a special tax trap for property placed in service in the last quarter of the year.
With the college football season underway and basketball looming, you may root hard for your favorite teams. But you can do more than show vocal support from the sidelines. Donate funds to a “booster club” or similar program. This entitles you to a charitable deduction for all or part of the donation—even if the gift provides you with preferred ticket status for athletic events.
It’s not unusual for business owners and other company bigwigs to agree to deferred compensation (“deferred comp”) arrangements. In short, you earn the money now, and it’s not available until later. Under the tax rules for deferred comp, you may owe tax on money you haven’t received yet. But there’s an intriguing solution.
As things stand now, the tax breaks for buying depreciable business property have been watered down for the 2015 tax year. Consider leasing business equipment instead of buying it.
A roundup of recent tax news about filing deadlines, ACA overpayments, affording higher education ... and Uber.

Make withholding adjustments midyear ... Shift gears on a business car deduction ... Tack sales tax onto Section 179.

Now that fall is arriving, it’s time for the kids to go back to school. If your grandchildren attend college or private school, your adult children (their parents) may be struggling with ever-rising tuition costs. How can you help?
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