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.

Country club dues as deductable business expenses?
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.
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