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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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Q: I bought a car this year that I used for my sales rep job. My company reimburses me for travel but not the interest I'm paying on a car loan. Can I deduct the interest as a business interest expense? E.L., Islip, N.Y.

Heads up: The IRS plans to ratchet up the audit pressure on small businesses in the coming months.

Suppose you want to add the new guaranteed minimum withdrawal feature (see above) to an existing variable annuity, but the issuer doesn't allow that option. Are you out of luck? Not necessarily.

Can't get enough of a good thing? To hoard even more money for retirement than the tax law allows for qualified plans (such as 401(k)s or pension plans), arrange things so your company makes contributions on your behalf to a nonqualified deferred compensation plan.

Do you run a business through two or more related companies? These days, it's not unusual for people to own multiple operations. But you could be inadvertently paying more employment tax than required if some of your employees are "shared" by more than one company.

First came the 401(k), which, in just a quarter-century, became the most popular retirement plan of all time. Then, Roth IRAs were born in 1998, allowing millions of Americans to build up retirement nest eggs that they could tap into tax-free.

Uncle Sam wants your tax money ... now. So, if you aren't sending the IRS enough money in your quarterly tax installments, you may need to pay an extra interest-rate penalty.

Most people think of life insurance strictly as income replacement for their family if they suddenly die. But if you no longer need that big life insurance policy and you're looking for a big write-off this year, consider this strategy

If you're like most people, you finally put your 2004 tax return to bed a few short weeks ago. But then comes a sinking realization that you missed a tax deduction or credit opportunity on your return. Or maybe you accidentally failed to report income, miscalculated a capital gain or forgot a business deduction. Should you file an amended return or not? That is the question.

Sooner or later, you may decide to sell off your S corporation and retire. If you run a family shop, you may plan to sell your stock to younger family members who are already working in the business.

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