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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Texas employers frequently face problems associated with retrieving company property from disgruntled former employees. Let's use a hypothetical scenario to answer questions on whether or when you can make payroll deductions for the missing property ...

An Ohio public employee collective-bargaining law exemption that allows workers to forgo paying union dues because of religious beliefs has been applied too narrowly, the U.S. District Court, Southern District, has decided ...

Rent a room near the office for the night. Under a new IRS ruling, you can deduct the cost of the room as an employee business expense. If your company foots the bill, the payment is tax-free to you as a “working-condition” fringe benefit. (IRS Notice 2007-47)
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Q.  I am building a home. The contractor pays the initial bills and then submits bills to me for reimbursement of actual costs. Can I deduct the sales taxes paid on these items on my 2007 tax return? J.R., via e-mail

Q.  In a recent issue, you mentioned that lots of capital gains and depreciation deductions on investment real estate could put you at risk for the Alternative Minimum Tax (AMT) (SBTS, June 2007). Does this apply directly to capital gains and all real estate? H.T.P., via e-mail
Q.  Our daughter competes in gymnastic competitions.We travel 60 miles round trip for practice twice a week and also to competitive events that are well over 100 miles away. Is any of this tax deductible? S.W., via e-mail
Any respite from the dreaded alternative minimum tax (AMT) continues as a political football. The latest development: The Democrats are formulating a plan that would exempt taxpayers with income under a specified threshold.

Suppose you damage the car you normally use for business and have a business trip planned for the end of the month. Just use one of your family’s other vehicles for the business travel. Even though it’s not your regular business car, you can still deduct your business-related expenses.

California’s legislature is moving forward on two “play or pay” bills that would require employers that do not offer cafeteria health plans to their workers to pay into a state-run health plan purchasing pool ...

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