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.
Beginning next year, it will be even tougher for most taxpayers under age 65 to claim medical expense deductions. Therefore, if you expect to qualify for a deduction this year, it’s time to go for broke.
You may hear the TV and radio ads that claim you can receive top-dollar deductions if you donate a used car to charity. But it’s not always as easy as it sounds. Strategy: Specify that the charity uses your vehicle in furtherance of its tax-exempt purpose. In that way, you can deduct an amount equal to the vehicle’s fair market value.
In this election year, many small business owners are pleading for tax relief. But the Congressional Joint Committee on Taxation is urging more business entities to take advantage of an underutilized tax break that’s already on the books: the Section 199 write-off for domestic production activities.
Q. We travel extensively to take our son to golf camps and other competitions. Besides travel, we pay hotels, meals, etc. Is any of the cost tax-deductible?
When you travel away from your home on business, you can deduct your gas and related expenses. But you generally can’t write off “commuting” expenses, although there are several exceptions in the tax law. Strategy: Keep temporary assignments to less than one year.
Are you planning to sell your business in the next few years? Although you might owe a hefty income tax bill on the value of an appreciated interest, at least you may be able to dodge the new 3.8% Medicare surtax on net investment income that is scheduled to take effect next year. But what about your kids and other family members who are shareholders in your business?