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.

As one of your company’s highest-paid employees, you probably think you deserve a bigger profit-sharing contribution than most other employees. But the tax law’s tough nondiscrimination rules can work against you.
Suppose you’re in the market for a new business vehicle. Normally, the dealer will agree to a trade-in value for your old auto that reduces the cash you have to shell out for the new one.
Life insurance is a worthwhile security blanket for well-to-do people. However, this protection can extract an unexpected tax cost for the unwary.
In general, your annual deduction for investment-interest expense is limited to the amount of your net investment income; you must carry forward any excess. As the year winds down, you may not have enough investment income to deduct all your investment-interest expense.
Figuring tax deductions for a truck not originally used for business
Q.  Can I deduct the cost of the gasoline tax in my state under the federal sales-tax deduction?
Q. In the past, I’ve done a lot of business driving in my car: about 25,000 miles a year. But because of gas prices, I’ve cut down this year. Will this cause any problems?
Home office deductions may undergo a makeover in the near future. The IRS is working on a simplified method for computing write-offs.
Two new tax laws passed this year —the Tax Increase Prevention and Reconciliation Act (TIPRA) and the Pension Protection Act (PPA) — have added a few new wrinkles to the mix.
Despite conventional wisdom, year-end planning isn’t just for personal tax savings. Your business can do plenty between now and Dec. 31 to cut its tax bill.  Nine tips: