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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 new tax law signed earlier this year—the American Taxpayer Relief Act (ATRA)—bestowed valuable estate and gift tax benefits on taxpayers. But a longtime gift tax break may have gotten lost in the shuffle.

Sometimes it pays to be just “average.” If your deductions line up close to the average for taxpayers in your income category, you’re more likely to fly under the IRS’ radar.
Q. I’ve had a home office for several years. Do I owe any tax if I sell the home? A.L., Manhasset, N.Y.
Q. I have several IRAs and I’m in my 70s. Do I have to take a set percentage from each one? I.S., Atlanta
Sooner or later, you're going to start thinking about handing over the reins of your business to the younger generation. Here's how to avoid a big tax hit when transferring ownership.
As a recent case pointed out, you generally can’t write off “commuting” expenses, even if you’re traveling a long distance each day. Suppose you’re working on a project that takes you far from home for several months. Strategy: Wrap up temporary assignments in less than one year.

Under Section 162 of the tax code, your business can deduct a wide range of “ordinary and necessary” business expenses. This may include bona fide business management fees paid to professionals or a management firm used for this purpose. But you can’t deduct expenses just because you’ve labeled them as “management fees.”

Suppose you have unexpected medical expenses and you’ve exhausted your disposable funds. If there’s nowhere else to turn, consider an unconventional source. Strategy: Tap into your 401(k) or IRA in a pinch.
If you bought real estate years ago that has appreciated in value, you could be sitting on a king-size taxable gain when you finally sell the castle. Fortunately, there’s a way you might postpone the taxable gain until a time when you will pay a lower tax rate—or perhaps forever!
Do you own pristine land in the countryside that you would like to preserve for eternity? Strategy: Donate a “conservation easement” to a qualified charitable organization.
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