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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The IRS has announced that employers are able to modify the long-standing use-it-or-lose-it rule bedeviling flexible spending accounts (FSAs) used for health care ex­­penses. The onerous rule requires em­­ployees to forfeit FSA funds if they don’t use those amounts by the end of the plan year.
Due to the relatively generous estate and gift tax provisions included in the American Tax­­payer Relief Act (ATRA), estate planning is easier than it was before. However, it can still be tricky, especially if your spouse isn’t a U.S. citizen.
If you travel extensively on business, you probably know the drill: Either the airline or hotel, or both, may offer a lower rate if the stay includes a Saturday night. What’s the tax perspective?

In a recent article, we discussed exchanging real estate properties tax-free under Section 1031 of the tax code. However, in the real world, it’s unlikely that the owner of the property you desire will be willing to acquire a property you own, or vice versa. Strategy: Use a qualified intermediary to facilitate deals.

Q. My home sale profit will exceed $250,000. Can I avoid tax on the higher amount by selling in installments? N.P.S., Long Beach, Calif.
Generally, you can deduct mortgage interest paid on your principal residence and one other home. In a new case, a couple can deduct mortgage interest for their motor home.
Although ATRA finally resolved much of the uncertainty relating to federal gift and estate taxes, you’re not out of the woods quite yet. Strategy: Plan ahead to avoid the generation-skipping tax. This low-profile but potentially very expensive tax can hit wealth transfers that “skip” more than one generation.

The tax law changes in 2013 for small business owners aren’t as monumental as those for individual taxpayers. But there are still plenty of tax-saving opportunities for businesses at the end of the year.

Q. You say that you must adjust basis for a new business car on a trade-in. Is that also true for real estate exchanges?
One tax loophole still on the books is large enough to drive a Jeep or Ford Explorer through it … literally. Strategy: Buy a heavy-duty sport utility vehicle (SUV) for your business. As long as you meet certain requirements, you can bypass the usual tax law limit.
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