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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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Although you can’t deduct the value of the services you provide on behalf of a charity, you can still claim tax write-offs relating to your activities. Here’s a rundown of several common examples.
Q. As the estate’s executor, can I deduct funeral expenses for a family member on his federal income tax return?
Q. I’m using the flat rate auto deduction for business travel. I had an accident costing me $3,000 out-of-pocket. Can I deduct it? K.U., Burlington, Vt.
Do you own a life insurance policy? If so, the proceeds from the policy will be included in your taxable estate when you die. Strategy: Set up an irrevocable life insurance trust (ILIT). Then transfer ownership of the policy to the ILIT. Accordingly, the life insurance proceeds are removed from your estate.
The early bird often gets the worm. So you might not wait until the waning days of the year to harvest capital losses from selling securities held in taxable brokerage firm accounts.
Q. I’m getting divorced and won’t likely have any salary of my own this year. Can I still contribute to an IRA for 2013?
Q. My partner has convinced me to buy iPads for all our employees. Can we deduct the full cost? S.B., Cincinnati
The Section 179 deduction is as good as it’s ever been. The American Taxpayer Relief Act of 2012 (ATRA) extended the maximum allowance to $500,000 through tax years beginning in 2013. Strategy: Stretch to buy extra equipment this year.
You’re probably well aware of the benefits of using a Section 529 to save money for a child’s college education. But you may not know how to bulk up a child’s account faster without any gift tax problems. Here's how.
If you conduct administrative duties at home and you have no other fixed location where you conduct such activities, you can qualify for home office deductions. The rules in this area were changed by the Tax­­payer Relief Act of 1997 in the wake of a land­­mark Supreme Court case. Now it’s easier for self-employed individuals to take write-offs.
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