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Small Business Tax Deduction Strategies

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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Are you or someone else in your family buying a home? Mortgage interest rates are still favorable by historical standards, but you might decide to pay one or more “points” to a lending institution to get a better rate.
Suppose that a family member has to move into an assisted living facility. Although nursing expenses are generally deductible as medical expenses, the lines can get blurred.
The new Tax Cuts and Jobs Act reduces the tax benefits of net operating losses claimed by businesses. Strategy: When possible, time NOLs to your tax advantage. Depending on your situation, you may be able to avoid the new law crackdown.
Due to several changes in the Tax Cuts and Jobs Act, there is less tax incentive to give to charity. Because many taxpayers are no longer itemizing deductions, they will get zero tax benefit from their contributions. As a result, take steps to maximize charitable deductions, when possible.
If you own a boat that provides some of the creature comforts of home, you may be entitled to tax benefits normally associated with a dwelling.
This may be the time you usually donate to a booster club for your alma mater or local school you root for. Strategy: Make your donation with no strings attached. Otherwise, you may get no tax deduction for your generosity as a result of a new law change.
Suppose you support an elderly relative such as a parent, in-law or favorite aunt or uncle. Unfortunately, however, you get no tax benefit for your support. Strategy: Pay the relative’s medical expenses directly to the medical service provider.
Do you need a break from your busy schedule? There may be a way to take off this summer and have your business deduct the lion’s share of the cost.
You may be able to write off rental payments you make for office space—even if you’re the landlord and the place of business is your home. But this setup between “related parties” could raise eyebrows at the IRS, so be prepared to show that the rental is legit. In a new case, the taxpayer failed to convince the Tax Court.
Suppose your spouse’s car was damaged when he or she skidded on a slick road in April. It’s going to cost you $3,000 out-of-pocket to repair. But you can’t claim a casualty loss deduction anymore in 2018. Are you out of luck? Maybe not.
If you’re planning to donate stock to charity this year, there’s a “right way” and a “wrong way” to do it.

A taxpayer who worked as a bodyguard for celebrities tried to deduct a wide range of unreimbursed expenses. Eventually, the case went to court.

Does your home have cracks in its foundation? Depending on the cause, you may qualify for a casualty loss deduction on your 2017 return.

Common situation: You gave a client front-row tickets to the biggest event in town. Business gift or entertainment? It could go other either way.

Hire youths eligible for the “summertime” version of the Work Opportunity Tax Credit. It can be claimed for workers age 16 or 17 who reside in an empowerment zone or enterprise community.

2017 might be the last year you decide between deducting personal (nonbusiness) state and local income taxes or state and local general sales taxes on your federal income tax return.

If qualified property is acquired and placed in service in 2018, you can benefit from enhanced “expensing” and other Tax Cuts and Jobs Act provisions relating to depreciation.

If you claim the tuition deduction for a student, you can’t claim the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit (LLC).

The new Bipartisan Budget Act of 2018 (BBA), which extended funding of the federal government, also revived around 30 tax provisions that had expired at the end of 2016. These extensions are generally retroactive to 2017, but only last for just the one year.

Did you or your child pay interest on a student loan last year? In that case, you may realize a tax benefit on your 2017 return.

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