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.

It’s too late to do anything about the amount you’ll owe on your 2005 tax return … right? Wrong! You can still slash your tax bill by zeroing in on tax breaks that usually fall by the wayside if you’re operating on cruise control.
Take steps now to safeguard your cellphone data and that of your employees. Reason: It’s now easy for unscrupulous data brokers to obtain and sell the name and address connected to a cell-phone number, plus the complete record of outgoing and incoming calls.
If you want a bigger bang for your advertising dollars, consider partnering with a larger company when creating print, radio or TV advertisements.
Are you scrambling to complete your calendar-year 2005 corporate return by the March 15 deadline? Instead of slapping things together at the last minute, take the easy way out.
Say you took out a home-equity loan last year and used the cash to pump up your pass-through business, such as an S corporation, partnership or limited liability corporation (LLC). You’re generally entitled to deduct the interest paid on the first $100,000 of that home-equity loan as mortgage interest (as an itemized deduction on your Schedule A).
You may have heard rumors or seen headlines about more-generous deductions available for your medical expenses.
’Tis the season for crooks to pose as IRS agents.
Make the most of your business return
Last January, Congress voted to let businesses and taxpayers deduct donations for Asian-tsunami relief on their 2004 returns as long as they made the donation by Jan. 31, 2005.
If you’ve been filing a paper tax return for years or you simply let your accountant handle the whole thing, you may be intrigued by the possibility of completing your entire tax return on your computer and then filing online. Should you do it?