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.
For parents and grandparents, a basic tax strategy is to transfer income-producing assets (e.g., cash, stock, real estate) to the young ones. The subsequent income is generally taxed at the child’s low tax rate, rather than the elder’s higher one.
How can you give your struggling
company a shot in the arm to generate a much-needed growth spurt? It
takes money to make money, but things often aren’t that simple.
Sometimes, you come out ahead in the tax world by going against the grain. Take depreciation deductions, for example.
Is there a maximum amount that any employee can be paid based on the idea of reasonable compensation with interest?
What are the per diem deductions for merchant seamen?
Say you take out a bank loan and place that money in your personal checking account. Then you start to withdraw funds as needed. Over time, you use the account for several different purposes. You just bought yourself a whole peck of tax trouble. Why?
If your company expects to owe less than $1,000 in employment taxes annually, you’ll be able to file the new Form 944 (Employer’s Annual Federal Tax Return) once each year with your annual return, rather than filing Form 941 (Employer’s Quarterly Federal Tax Return) four times a year.
Even some taxpayers with complex returns do the “shoebox drop” when meeting with their tax preparer during filing season. But simply handing your preparer a pile of receipts and records will cost you several ways.
While some view the home-office deduction as audit bait, you’ll withstand any IRS scrutiny if you know and follow the home-office deduction rules. In this Special Report, we’ll explain those rules in plain English and show you how to earn bigger and better deductions without getting off the living room couch.
If you’ve considered switching your business to an S corporation but have been ineligible in the past, it’s time to take another look. Why? A 2004 tax law opened up S corporation status to a whole truckload of previously disqualified small and midsize businesses, and it paves the way for your S corp’s future expansion without forfeiting any tax breaks.