Taxpayers once were able to use losses from real estate, cattle breeding, oil and gas and equipment leasing deals to offset highly taxed income. Then the government imposed “passive activity loss” rules that turned tax shelters into a dying breed. Strategy: Invest in Passive Income Generators (PIGs).
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.
At this point, it’s anybody’s guess if the Section 179 allowance will be increased this year. Small business owners can’t count on it so they might have to take regular depreciation deductions. Strategy: Buy qualified property before Oct. 1.
If you were thinking ahead, you may have established a Section 529 plan to help pay college expenses of your oldest child. But now that child is out of school and you still have money left in the 529 plan account set up for the child. Strategy: Roll over any unused funds into an account for another child.