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.
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.
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.
Back in the ’90s, Congress wiped off the books one of the most hallowed tax breaks when it repealed five-year “income averaging” on retirement plan payouts.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.
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. But take note: Each of these options can carry a heavy tax price.
How can you save for retirement while operating your business? At one time, small business owners were often left out in the cold. But retirement savings isn’t just for the “big boys,” anymore.
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?