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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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The Tax Cuts and Jobs Act shuts down write-offs for corporate employees, but what about home office deductions for the unincorporated?
Tax guidance on vet costs ... No tax breaks for hobbies ... Seeking tax shelter in foreclosure
Watch out for a new deduction limit for business interest. Under the Tax Cuts and Jobs Act, this deduction can’t exceed 30% of an affected business’s adjusted taxable income.
If the program is prescribed by a physician to combat a specific illness or disease like obesity, the cost qualifies for the deduction.
Tax guidance on vet costs ... No tax breaks for hobbies ... Seeking tax shelter in foreclosure
Watch out for a new deduction limit for business interest. Under the Tax Cuts and Jobs Act, this deduction can’t exceed 30% of an affected business’s adjusted taxable income.
If you operate an unincorporated business—say, a sole proprietorship—you may qualify for home office deductions. But the new Tax Cuts and Jobs Act shuts down write-offs for corporate employees.
More SALT in high-tax states … 1.4% tax for prestigious colleges … Tax-free rental income … Mercy for tax debtors … Don’t fear the CP2000
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.

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