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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.

Owning two or more cars costs more than owning one, right? Well, here’s a way that you can make your status as a two-or-more-car family pay off.
Tax deductions on mortgage interest on an investment property
Most C corporations benefit from a graduated federal income-tax rate structure. But personal service corporations (PSCs) aren’t afforded that luxury. Their income is taxed at the highest corporate federal rate of 35 percent.
Q  I’ve started a new business venture with some friends. To attract clients, we plan to entertain people at a nearby country club. If I pay the annual club dues out of my own pocket, can I deduct the cost on my personal return?
Believe it or not, even teenagers can take advantage of tax-saving retirement plans.
Country club dues as deductable business expenses?
With hurricane season here and memories of last year’s natural disasters still fresh in our minds, the IRS has released recordkeeping tips for taxpayers.
On their 2006 returns, companies may deduct 3 percent of the lesser of their qualified production activity income (QPAI) or their taxable income. The deduction percentage will increase to 6 percent next year; then 9 percent in 2010.
Congress continues to debate the fate of estate taxes. It’s anybody’s guess as to whether or not lawmakers will iron out a compromise.
The cost of sending children to college these days is daunting. If you’ve been successful financially, you may think that you can’t qualify for any need-based financial aid. Think again.