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 you plan to use an increasingly popular estate-planning tool—a charitable remainder trust (CRT)—be aware that you'll need to jump through some new hoops to preserve the trust's tax benefits.

So-called "donor-advised" funds have become immensely popular with wealthy charitable donors. But that tax strategy is now under the gun. The IRS is trying to ferret out which funds benefit donors themselves rather than fulfilling charitable intentions.

Conservation easements, in which landowners can earn tax deductions for preserving their open land, are rife with abuse, the IRS says. That's why the IRS is cracking down on these tax goodies for wealthy landowners. The IRS has already fingered 240 taxpayers for audits relating to this tactic, with another potential 100 donors on the hit list.

The tax law gives you plenty of leeway to deduct contributions within generous limits. In fact, if you're like most donors, you probably aren't even aware that any limits exist.

We can't overemphasize the need to keep the required records for charitable donations, especially because the IRS is turning up the heat on donation deductions.

If you donate intellectual property (such as patents) to charity, you can claim a tax deduction for your generosity. But the 2004 tax law restricts what you can deduct.

Are you ready for a computer upgrade? If the answer is "yes," don't just toss out your old equipment.

Issue: More employers are adding voluntary benefits to beef up their benefits lineup at little cost.
Risk: By linking such programs too closely to your organization, they could fall under ...

Congress often tinkers with the tax code, but rarely does it throw business owners a brand-new deduction. That's why last year's tax law—the American Jobs Creation Act— created such a stir. Starting in 2005, the law authorizes a new write-off for qualified manufacturers that could eventually amount to a 3 percent rate cut.

As an S corporation owner, you can avoid the double taxation that plagues income earned by a regular C corporation. Instead of being taxed twice—once on the corporation level and once personally—income flows through to the S corporation shareholders. So, it's only taxed once at your personal level.

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