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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Health insurance costs continue to skyrocket without any end in sight. As a result, companies both large and small are exploring alternate means to cover their employees.

As you thumb through the mail one day, an unassuming letter catches your eye. Return address: The IRS. You nervously tear open the envelope and your worst fears are confirmed: The IRS has chosen your return for a correspondence audit.

Q: I bought a second home computer recently because my new job requires communication at all times, and my kids are always on our other computer. I use the new machine to interact with clients from home. Since my employer is all for it, can I deduct the computer's cost? M.L.P., New York

The push to audit S corporations (described above) is part of a larger IRS initiative to examine more returns, particularly of small business owners. Don't think you're immune just because you've been able to fly under the radar so far.

For busy businesspeople, cell phones, laptops, PDAs and other portable devices are essential. Usually, the company buys such devices and gives them to higher-ups and other employees who need them.

Normally, you must depreciate the cost of business or commercial real estate over 39 years. In comparison, you can depreciate residential rental property much faster over 27.5 years.

Unless you're a CPA or a tax nerd, the term MACRS can be daunting. It stands for Modified Accelerated Cost Recovery System, which is the standard federal-income tax method for depreciating the cost of your business assets.

The proliferation of S corporations has not gone unnoticed by the IRS. S corporations are now the most common corporate entity, accounting for nearly 60 percent of all corporate returns filed.

Despite the recent talk in Congress about alternative minimum tax (AMT) reform (see page 3), the "stealth tax" is still expected to hit millions of unsuspecting taxpayers this year ... maybe even you.

All work and no play can make Jack (or Jill) a disgruntled employee or client. So, you may decide to treat some of your top customers or valued employees to an outing as the summer draws to a close. By knowing the tax-law rules for entertainment costs, you can double your pleasure with top-dollar write-offs.

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