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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Alimony paid by a taxpayer is deductible while child support is not. Conversely, alimony payments are taxable to the recipient, while amounts paid for child support are tax free. Be aware of these tax ramifications if you’re negotiating a divorce. Then make sure the decree properly reflects your tax expectations.

Q. Can you deduct the value of blood donated to a hospital as a medical expense or charitable donation?
The days of the three-martini lunch are long gone, but business people can still deduct meal expenses that meet certain requirements.
Do you own undeveloped real estate that you would like to preserve in its pristine state? There’s a way to accomplish this goal and claim a current tax deduction while you still retain ownership of the property.
If you operate a business as an S corp, you may be able to claim a valuable tax loss against your other income. But the tax law generally limits such losses to the amount of your basis in the stock, plus any outstanding loans made directly from you to the corporation.

Suppose your recently graduated child is looking to buy a starter home. You’d like to help out but you don’t have enough liquidity. Strategy: Take some money out of your IRA.

The Section 529 plan is a popular way for parents and grandparents to provide college funding for the younger generation. But suppose you’re the one thinking about college for the first time or going back to school. Why not set up a 529 plan for yourself?

Suppose your main place of business is your principal residence and you store valuables in a home office or a separate structure. Strategy: Install a home security system for the business part of the home.

Are you and your employees adequately protected in the event of a long-term illness? Strategy: Provide long-term care (LTC) insurance as a company-paid fringe benefit for employees (including yourself).

The “portability” provision in the federal estate tax provides greater flexibility in estate tax planning for married couples. Alert: The IRS has issued new final regulations pertaining to the portability provision.
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