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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.

If you’re a serious real estate investor, you may be gearing up to unload appreciated property so you can snap up other property with stronger growth potential. Boy, do we have a tax deal for you!
Tax rates under the new tax laws.
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: This refers to your recent article on vacation homes. (May SBTS) In Example 1, it’s my understanding under Pub. 527 that, if the taxpayer fails the 14 day/10 percent usage test, the rental portion of the applicable mortgage interest and taxes would still be deductible, even if there is a net loss. Is this true?
The usual Work Opportunity Tax Credit (WOTC) is equal to 40 percent of the first $6,000 in wages paid to a qualified worker during the year. It’s a yearround proposition.
This refers to your recent article on vacation homes. (May SBTS) In Example 1, it’s my understanding under Pub. 527 that, if the taxpayer fails the 14 day/10 percent usage test, the rental portion of the applicable mortgage interest and taxes would still be deductible, even if there is a net loss. Is this true? P.W., via e-mail
As a small business owner, you generally can deduct 100 percent of your family’s medical insurance costs even if you’re self-employed. But you can do better tax wise by taking an unusual approach.
Taxes may be the last thing on your mind when you’re bogged down in a messy legal battle. But errors in the way you draft a settlement agreement could mean thousands of dollars going to Uncle Sam instead of into your pocket.

Congress is considering reforming (permanently, this time) the confusing federal estate-tax law. But don't wait for Congress to act before revisiting your personal estate plan. Changes already scheduled to take effect at year-end hasten the need to dust off your family's estate plan later this year, regardless of Congress's actions.

Tax law takes a two-tiered approach with Social Security benefits. Here’s how it works.