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.

The usual Work Opportunity Tax Credit (WOTC) is equal to 40 percent of the first $6,000 in wages paid to a qualified worker during the year. It’s a year-round proposition.
The new tax law includes several other changes that haven’t received much attention.
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. Here are 11 summertime tax moves that could make you smile come tax-return time.
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.
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.