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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Are you sitting on a potential small fortune in stocks or real estate? Or maybe you own a business interest that you’re planning to sell at a tidy sum. You’ll have to pay the tax piper one way or another through income tax, estate tax or gift tax … or some combination of all three.
For the first time, U.S. businesses will be able to write off expenses related to “qualified domestic production activities.” The so-called “manufacturing deduction” (or Sect. 199 deduction) is available even to many companies that wouldn’t normally consider themselves “manufacturers,” maybe even yours.

The first shot in Washington's tax reform battle was fired earlier this month when the President's Advisory Panel on Tax Reform issued its long-awaited list of tax-simplification suggestions.

Q: I'm interested in the strategy you wrote about regarding collecting rent when you lease personal assets to your company. (See 10/17/05 issue.) If I rent assets to the company, am I then subject to Social Security tax on the net income? J.C.K., Hood River, Ore.

Estimated-tax penalties are equivalent to the interest you'd pay on tax underpayments.

For too many people, the tax season is a February-to-April affair. But trying to plan your tax strategies after Dec. 31 is as futile as a football team drawing up its game plan with two minutes left in the fourth quarter: You can't do much to affect the score.

Issue: More employers are offering voluntary supplemental medical insurance, and insurers are offering more products.
Benefit/risk: Such plans can fill gaps left by medical coverage cutbacks, but the strategy can ...

Question: My wife and I operate separate self-employed businesses. This year, I expect to show a big profit, so I plan on buying new machinery and tools before Jan. 1 that I can expense. My wife's business is likely to show a loss. Will her loss reduce the amount I can claim under Section 179? If so, what can I do about it? — C.S., Rochester, N.Y.

If you're the big cheese at your company, you can control your own tax destiny to a certain extent. For example, you can usually time year-end bonuses to your personal tax advantage.

U.S. tax laws provide a variety of tax breaks for higher education expenses, but high-income people are usually shut out of these goodies. Example: Joint filers can't claim the above-the-line deduction for tuition expenses if their adjusted gross income exceeds $160,000 ($80,000 if you are unmarried).

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