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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Has your small business finally made it “big”? You might be able to buy that boat you’ve always dreamed about. But while you’re enjoying the trappings of your success, there’s no direct tax benefit for your business. The tax law essentially prohibits business deductions for so-called “entertainment facilities.”
The media has vilified the alternative minimum tax for sneaking up on unsuspecting individual taxpayers. But there’s a similar tax evil for business entities lurking in the weeds.
Q. If I sell my house where I’ve used a home office for my self-employed business, is there a tax penalty?
The U.S. Supreme Court has agreed to hear a case challenging the availability of premium tax credits provided to individuals under the Patient Protection and Affordable Care Act.
In lieu of deducting actual business auto expenses, you can deduct a flat rate of 57.5 cents per business mile, up from 56 cents in 2014, plus parking and tolls.
Q. Can our business claim a fast tax deduction for computer software placed in service in 2014?
Congress has passed new legislation retroactively extending more than 50 tax breaks that technically expired after 2013. The president was expected to sign the Tax Increase Prevention Act of 2014 into law.

The IRS often questions whether a particular hobby constitutes a business or if it’s just a hobby. Under the “hobby loss rule,” you can’t deduct expenses in excess of income, so no loss is allowed. In the latest example, a collector of sports memorabilia claimed losses for his activity, only to strike out in the Tax Court.

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.