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 rules for substantiating business travel expenses are a major hassle, but there’s a way to avoid some of the headaches. Rely on this record-keeping shortcut for lodging and meals and incidental expenses.
Do you have a 401(k) or other defined contribution retirement plan at your company? Consider an approach from the days of yore.
Q. Can I deduct the cost of a lunch with a customer if we discuss business during the meal?
Do you provide a company cafeteria or other on-site meals for employees? This can be a valuable tax-free fringe benefit to employees and a way to attract and retain good workers.

During the past few years, Congress has failed to agree on legislation that would derail a powerful estate planning technique for small business owners. Strategy: Set up a Grantor Retained Annuity Trust (GRAT) to “zero out.”

Q. If my AGI for 2014 is $165,000, can I write off losses from an apartment building I own?

If you’re paying pricey premiums for long-term care (LTC) insurance, don’t overlook the tax implications. Strategy: Add the allowable cost to other deductible medical expenses.

The controversy over “tax inversion” continues to brew. This is the process of moving a corporation’s headquarters to a foreign location to avoid higher U.S. corporate tax rates.
If you take in a child under a foster care arrangement, the payments you receive from the government or other qualified agency are generally tax free. But the tax breaks don’t stop there for generous foster parents.
Q. Can you take a goodwill deduction when you buy an existing business?
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