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.
You can’t generally deduct the cost of commuting back and forth between your home and work; that’s treated as a nondeductible personal expense. But with a bit of creativity, you can still claim generous tax deductions for certain types of local driving.
Do reward points count towards taxable income?
What the tax law takes away with one hand, it often gives with the other.
It’s too late to do anything about the amount you’ll owe on your 2005 tax return … right? Wrong! You can still slash your tax bill by zeroing in on tax breaks that usually fall by the wayside if you’re operating on cruise control.
If you’ve been filing a paper tax return for years or you simply let your accountant handle the whole thing, you may be intrigued by the possibility of completing your entire tax return on your computer and then filing online. Should you do it?
In the waning days of last year, the president inked the Gulf Opportunity Zone Act of 2005. This new legislation, following close on the heels of the Katrina Emergency Tax Relief Act (KETRA), includes various tax measures benefiting victims of Hurricanes Katrina, Rita and Wilma.
If the IRS questions one of your write-offs, it will ask for documented proof. Research Recommendations subscribers can obtain a free report that provides a list of the type of written proof you’ll need to verify 25 different kinds of deductions (from bad debts to home-office expenses).
Make the most of your business return
Each year, Congress and the IRS throw a few new ingredients into the tax-return stew. Here are some key tax-law changes that will affect your 2005 business returns.
Sadly, the bonus depreciation rules have expired. That means you’re stuck with regular depreciation deductions under the Modified Accelerated Cost Recovery System (MACRS), which requires you to write off business equipment over several years. Don’t despair.