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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.

In addition to the Roth IRA and kiddie-tax changes described above, here are other key provisions of the new tax law passed last month:
Sorry, but you can’t take a summer vacation from tax planning. Take your eye off the ball midway through the year, and you could miss out on valuable tax deductions and credits ripe for picking.
If the 100 percent federal employment tax penalty  doesn’t strike fear in the hearts of small business  owners, it
should.
Does your company need a quick cash transfusion to keep operating on all cylinders? That could be a problem if the company owes you money for a prior debt.
Are you getting ready to hand over the reins of your corporate business to the younger generation? Typically, you might arrange to sell shares of company stock to your successors or simply give the stock to them.
Back in the ’90s, Congress wiped off the books one of the most hallowed tax breaks when it repealed five-year “income averaging” on retirement plan payouts. That tax break allowed you to calculate the tax on a lump-sum distribution as if the funds were paid out over five years instead of just one. But an even better tax break—10-year averaging—managed to avoid the ax.
With the summer approaching, it’s time to start planning some time on the beach or at the golf course. If you’re self-employed, you may be able to turn some of that typically nondeductible vacation time into a tax-saving getaway.
Does your company need a quick cash transfusion to keep operating on all cylinders? That could be a problem if the company owes you money for a prior debt.
Much of the media attention on the new tax legislation passed by Congress focused on extending the tax breaks on capital gains and dividends.
If the 100 percent federal employment tax penalty doesn’t strike fear in the hearts of small business owners, it should. Why? That tax-code provision requires the person “responsible” for unpaid employment taxes to personally pay 100 percent of the amount withheld from employees’ paychecks.