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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.

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If the IRS questions one of your write-offs, it will ask for documented proof. Research Recommendations subscribers can obtain a free report that provides a list of the type of written proof you’ll need to verify 25 different kinds of deductions (from bad debts to home-office expenses).
Sadly, the bonus depreciation rules have expired. That means you’re stuck with regular depreciation deductions under the Modified Accelerated Cost Recovery System (MACRS), which requires you to write off business equipment over several years. Don’t despair.
If you started or acquired a new business last year, you can earn a one-time boost on your 2005 return. How? Claim an instant write-off for part or all of your qualified start-up expenses.
Each year, Congress and the IRS throw a few new ingredients into the tax-return stew. Here are some key tax-law changes that will affect your 2005 business returns.
A buy/sell agreement can be a valuable estate-planning tool for business owners.
At which point do I have to pay self-employment tax?
For parents and grandparents, a basic tax strategy is to transfer income-producing assets (e.g., cash, stock, real estate) to the young ones. The subsequent income is generally taxed at the child’s low tax rate, rather than the elder’s higher one.
How can you give your struggling company a shot in the arm to generate a much-needed growth spurt? It takes money to make money, but things often aren’t that simple.
Sometimes, you come out ahead in the tax world by going against the grain. Take depreciation deductions, for example.
Say you take out a bank loan and place that money in your personal checking account. Then you start to withdraw funds as needed. Over time, you use the account for several different purposes. You just bought yourself a whole peck of tax trouble. Why?
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