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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Are you ready to knock down a deteriorating investment property or business building and construct a new building in its place?

Did you set up a charitable remainder trust (CRT) at the height of the bull market? If so, your returns may have slipped lately as the market fluctuates. You may be rethinking your idea of setting up a CRT in the first place.

1. Keep receipts, not a list 2. No deduction for 'common' products

If you're like most small business owners, your spouse does odds and ends around the office and pitches in when you need help. This is particularly true in the summer months when other employees take vacation leave.

If you're planning to hire your spouse, he or she (and your company) still must pay federal employment taxes on the wages. But don't let that scare you away from putting your spouse on the payroll. By shifting salary from your pocket to your spouse's pocket, you can successfully pay less in employment taxes than if you earned all the income yourself.

The sheer complexity of the tax code causes many people to put their faith in anyone who promises tax-reduction magic. That's why the IRS rings its warning bell each spring, identifying the top tax scams being pitched by unscrupulous tax promoters.

Changes to IRS Form 941, Employer's Federal Quarterly Tax Return, will make it easier for businesses to report federal payroll tax deposits and income tax withholding.

If you're selling your share of the family-owned business, you have plenty of reasons to offer relatives, who are current owners, first shot at buying your portion.

For some people, waiting until mid-April to file their individual income tax returns simply represents a bad case of procrastination. Others hold out so they can keep their money until the last possible moment. Whatever your reason, if you haven't filed yet, you can still cut your 2004 tax bill with a few timely tactics and tax-smart choices.

A recent IRS ruling on involuntary retirement plan cash-outs caught a lot of retirement plan administrators with their pants down. Now, the IRS is giving those plan administrators a break for the 2005 plan year.

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