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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Nine tips on how to save on personal taxes
Suppose your company bought a building many years ago for $1 million and has depreciated it down to zero. The building and the land it sits on are currently worth $2 million. You want to expand your product line, but you need some cash to do it.
Cutting down on business driving
One provision in the new Pension Protection Act of 2006 could prove a godsend for certain charity-minded taxpayers with plenty of IRA funds at their disposal.
Can you deduct the cost of gasoline tax?
Your company is generally required to pay tax into a state unemployment-insurance fund. Although the figures vary from state to state, the pay-in is usually determined by the ratio of your payroll to the reserve in your account.
The Pension Protection Act of 2006 overhauls the tax rules for deducting charitable donations. If you’re not careful, the tax reforms can hit you right where it hurts . . . in your pocketbook.
If you’ve taken in a child under a foster-care arrangement, the payments you receive from the government or other qualified agency are generally tax-free. But the tax breaks don’t stop there.
Your company is generally required to pay tax into a state unemployment-insurance fund. Although the figures vary from state to state, the pay-in is usually determined by the ratio of your payroll to the reserve in your account.
Common situation: As the beneficiary of a parent’s 401(k) plan, you’re entitled to receive a big lump-sum distribution from the plan. The 401(k) requires you to take the payout within a year of the plan participant’s death.