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 you’re a procrastinator, you might wait until the last minute to file your personal tax return. Perhaps you’re delaying the inevitable because you figure that you’ll owe a hefty tax bill. You still can cut your tax bill at this late date. Here are seven strategies:

Due to the personal casualty loss limits, it’s unlikely that you will be able to deduct any repair costs if your spouse damages his or her car this winter. Start using the damaged car for business driving. Then you can claim a casualty loss for the car, even though your spouse was using it personally at the time.

In the Tax Relief and Health Care Act of 2006, Congress threw a bone to alternative minimum tax (AMT) victims who’ve been granted incentive stock options (ISOs). Crazy as it seems, you might think about retiring to truly benefit.

Q. An employee has not returned our calls or come to work at our hotel for over a week. She has a set of office keys and owes money for laundry. Can I hold her check until she returns the keys or pays for her laundry? Alternatively, can I deduct the cost of replacing the keys and laundry from her last paycheck? —I.C., Maryland

Q. As part of our new employees' noncompete contracts, we've started including a clause that requires employees to repay the company (through payroll deduction) for training costs if they quit or are fired within one year. Are we OK legally? —S.M., Kentucky

Q. We have about 15 employees, many of whom work part time. A former employee filed a charge of discrimination against the company under Title VII. We don't think our company is covered by Title VII because we don't have 15 workers scheduled to work in most weeks. Do you think the case could be dismissed with that argument? —R.B., Texas

Q. We’ve started requiring employees to repay the company (through payroll deduction) for training costs if they quit or are fired within one year. Are we OK legally? —S.M., Kentucky

Q. We direct-deposit the wages and salaries of most of our employees. Last week, two checks for the same pay period were deposited into an employee's account. Can we legally have the bank withdraw the extra funds from the employee's account? —M.F., California

Q. We plan to give gasoline gift cards to employees as incentives for picking up additional shifts. Are these cards taxable? Can we, the employer, simply pay the employee’s portion of the taxes? —T.M., Pennsylvania

Google is just eight years old, but it beat out a slew of old-timers last month to snag the No. 1 spot on Fortune magazine’s list of the “100 Best Companies to Work For” ...

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