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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Q. My accountant says that part of my capital gains qualify for a 0% federal tax rate this year. Is that possible?

The myriad of choices of retirement plans currently available to small business owners can be confusing. Now a top official for the American Institute of CPAs says Congress should consolidate the rules.
Generally, a calendar-year company deducts employee bonuses in the year they are paid, while the bonuses are taxable to the employees in the year received. For instance, in order to deduct year-end bonuses in 2013, you must pay them before Jan. 1, 2014. But there’s a special rule for accrual-basis companies.
In the usual course of events, a C corporation will try to shift taxable income into 2014 while accelerating deductions into 2013. But that’s not always the best approach.
In a case decided last year, the 6th Circuit Court of Appeals held that severance payments made to employees aren’t treated as taxable wages for payroll tax purposes, opening up refund opportunities.
Q. We’re considering experimental surgery for my wife. Can we deduct the cost as a medical expense?
Just before the government shutdown, the IRS issued new higher per diem rates for the 2014 fiscal year (FY 2014) spanning Oct. 1, 2013, through Sept. 30, 2014. A private employer may rely on these rates to substantiate employee travel expenses without having to do a strict accounting.
The IRS has announced that employers are able to modify the long-standing use-it-or-lose-it rule bedeviling flexible spending accounts (FSAs) used for health care ex­­penses. The onerous rule requires em­­ployees to forfeit FSA funds if they don’t use those amounts by the end of the plan year.
Due to the relatively generous estate and gift tax provisions included in the American Tax­­payer Relief Act (ATRA), estate planning is easier than it was before. However, it can still be tricky, especially if your spouse isn’t a U.S. citizen.
If you travel extensively on business, you probably know the drill: Either the airline or hotel, or both, may offer a lower rate if the stay includes a Saturday night. What’s the tax perspective?
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