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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If it’s your dream to give up your whitecollar job to run a farm or raise horses in the country, you’re not alone. Many professionals living in the city or suburbs are drawn by the lure of the “simple life.” But things aren’t so simple from a tax perspective.
The limited liability company (LLC) may seem like the new kid on the block, but it’s actually been around for almost 30 years.
With October just a few weeks away, watch out for a tax trap that could reduce depreciation deductions claimed by a small business.
If you inherit an IRA from your spouse, you have several options at your disposal. For instance, you can roll over the funds to an IRA of your own. Unlike a non-spouse beneficiary, you’re not required to take distributions from the IRA until after you reach age 70 1/2.
The “other” new tax law passed this year—the Tax Increase Prevention and Reconciliation Act (TIPRA)—has caused a great deal of grumbling among tax-savvy parents. Reason: TIPRA generally extends the “kiddie tax” an extra four years for every child.
Using a Section 179 write-off for a sideline business
It’s likely that you hold property jointly with your spouse. Unfortunately, that can lead to tax confusion when you sell, bequeath or transfer your property. Plus, seemingly innocuous withdrawals can cause tax complications if you’re not careful.
Are your employees in a rut? It’s easy for them to fall into the trap of going through the motions. Here’s a way you can lift their spirits without giving away the farm.
The personal computer (PC) has become part of the average American household. But if you’re self-employed and you use your PC extensively for business, you can lose valuable depreciation deductions by allowing family members to use it.
In short, the first $5,250 of expenses you pay on behalf of each participating employee is tax free. It doesn’t matter whether you reimburse employees for their expenses or pay the fees directly to the school.
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