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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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Environmental cleanup costs generally must be capitalized, which means that there’s no current write-off. Strategy: Claim a current deduction for the cost of removing mold from a business building. The IRS differentiated a situation involving mold removal in a private letter ruling back in 2006.

The price tag on a college diploma keeps going up, but at least you might be able to salvage some tax benefits if you’re paying the tab. Strategy: Maximize benefits for the American Opportunity Tax Credit.
Of course, higher taxes are a major concern for upper-income taxpayers in 2013. The top tax rate increases from 35% to 39.6% on ordinary income, while the maximum rate for capital gains and qualified dividends soars from 15% to 20%. But that isn’t the only tax obstacle in your path this year. Strategy: Don’t forget about the Alternative Minimum Tax (AMT).
It seems to happen every year. The fate of several soon-to-expire tax breaks for small businesses remains unknown. Here are seven of the “biggest and best” on the books.
Q. I’ve heard that municipal bonds are no longer tax-free. Is that true? E.H., Bellingham, Wash.
Usually, you’re guilty until proven innocent in the eyes of the IRS. But now the nation’s tax collection agency is making it easier for certain taxpayers, like those suffering in abusive situations, to qualify as an “innocent spouse.”
The most onerous rules for em­­ployers and employees included in the massive 2010 health care law—the Patient Protection and Affordable Care Act (PPACA)—have yet to take effect. But qualified small business owners may already benefit from a generous tax credit for providing health insurance coverage to workers.
In the tax world, half a loaf, or at least part of a loaf, is usually better than no loaf at all. This principle applies if you’re selling your principal residence, but you don’t qualify for the generous home-sale gain exclusion.

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.
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