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 fall prey to a natural disaster or some other casualty—including theft—you may be able to write off some of your financial loss. And with the right tax moves, you’ll get an even bigger deduction.

The personal computer (PC) has become part of the average American household. But if you’re self-employed and you use your PC extensively for business, you can lose valuable depreciation deductions by allowing family members to use it.
Once you’re into middle age, you should start socking away as much for retirement as you possibly can.
Within a few weeks, the kids will be back at school. But they’re not the only ones who can benefit from education. Your employees might need some extra training to stay sharp.
Hurricanes, floods and tornadoes grab all the headlines, but they aren’t the only events destroying personal property. Your home, for example, may be damaged by water pipes bursting or your car could be totaled in an accident. Those occurrences are also covered under the tax rules for personal “casualty” loss deductions.
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?
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.