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’ve invested a lot of your retirement plan funds in your employer company stock (including a company you own), you may be in line for a big future payday. When it comes time to retire, you can choose to cash out by having your retirement account sell the stock, or you might decide to simply take your payout in the form of company stock.
You’ve spent years building up your C corporation business into a successful operation. But how can you take more cash out of the company now without facing a tax disaster?
Let’s compare the tax results for leasing a business building to a C corporation as opposed to having the company own the property outright.
You may suffer a severe case of sticker shock the next time you’re shopping for a car. However, the federal income tax depreciation deductions available to business drivers for vehicles placed in service in 2006 have barely increased or stayed the same.
The IRS has addressed the tax consequences of environmental cleanup costs in several rulings. Although the details differ, the basic thrust is the same: Cleanup costs generally must be capitalized, which means your business earns no current tax benefit for the expenses.
How are your children ever going to buy a nice home in a desirable area? One solution: Enter into an equity-sharing arrangement with your child.
The answer to the age-old question above depends on many factors, not just taxes. But now that first year bonus depreciation deductions are a thing of the past (they expired after 2004), the pendulum has swung in a new direction.
The IRS has addressed the tax consequences of environmental cleanup costs in several rulings over the past few years. Although the details differ, the basic thrust is the same: Cleanup costs generally must be capitalized, which means your business earns no current tax benefit for the expenses.
If you own a second home in a resort area and you’re using the place less often than before, why not turn that beach cottage or mountain cabin into a revenue producer by renting it out?
The answer to the age-old question above depends on many factors, not just taxes. But now that first-year bonus depreciation deductions are a thing of the past (they expired after 2004), the pendulum has swung in a new direction.