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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Size often matters in the corporate world.

 

It's bad enough that business owners worry about corporate income tax. But your company may also face alternative minimum tax (AMT) complications.

 

Investors in qualified "small business" stock held more than five years can exclude 50 percent of the sale's gain. But a 28 percent capital gains tax rate continues to apply to such sales—even after last year's reduction of the maximum capital gains rate to 15 percent. That means you'll earn just a 1 percent advantage—14 percent to 15 percent—for sales of small business stock.

Now that tax-filing season is over, ask yourself one simple question: How satisfied are you with your tax adviser?

Q: My son made lots of charitable contributions last year, but he usually uses only the standard deduction. Is it true that he can deduct charity deductions only if he itemizes on Schedule A? O.D., New York, N.Y.

Q: I recently acquired stock in a closely held company. Can I contribute the stock to my IRA? P.A., Hermosa Beach, Calif.

When switching business insurers, don't just weigh coverage and cost. Also check out the insurers' claims-filing procedures.

When shopping for business insurance, don’t weigh only coverage and cost. Also check out the insurers’ claims-filing procedures.

Take home more pay. If your teen works a summer job, taxes can put a dent in his or her take-home pay.

Does your company need a quick capital transfusion to keep operating? If so, consider forgiving money the company owes you and treating it as a contribution to the corporation. Done properly, this is a tax-free transaction for you and the corporation.

If you want to pay the absolute minimum to Uncle Sam, tax planning must be a year-round pursuit. With summer right around the corner, you can cash in on several key tax breaks by springing into action now. If you procrastinate until the end of the year, you'll miss out on valuable deductions and credits for yourself, your business and your family. This special report explains a dozen timely moves you should take before the leaves begin to fall.

Did you buy a place in the country in the days before suburban sprawl? If so, you can nail down a tax deduction this year simply by agreeing to preserve the land in its pristine state.

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