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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A little-noticed piece of a new tax law allows victorious plaintiffs in discrimination cases to take a full tax deduction for their attorney's fees and court costs. Until now, for example, ...

Q. My parents want to give my sister and me $150,000 each to help pay for our children's college expenses. (My sister and I have a total of five kids.) But the gift would come in the form of stock shares. Won't we owe a lot of tax when we sell the stock? And won't my parents have to pay gift tax? Is there a better way to handle this?

Q: In the past few years, I've used my personal car for business about 75 percent of the time. Now, I'm going to buy a new car and will probably trade in the old one or sell it privately. Can I still get a depreciation deduction for the old car this year? M.C., Manchester, N.H.

Suppose you're in the market for a new business vehicle. You go down to the local showroom, kick the tires and try to wrangle the best deal. Normally, the dealer will agree to a trade-in value for your old car that reduces the cash you have to lay out for the new one.

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.

Q: In a recent article, you said people must start taking IRA distributions after turning 70 1/2 (See 3/8/04 issue) Are the rules different for Roth IRAs? J.C., via e-mail

Is most of your money tied up in investments? You're certainly not alone. But that may create a cash crunch if you need funds in a hurry for an emergency or an unexpected expense.

Recent tax law changes offer potentially big benefits to shareholders who want to take cash out of their closely held C corporations without sharing too much with the IRS. You can also achieve the same goal through several time-honored cash-withdrawal strategies. This special report examines today's five best ways to pull cash from your C corporation in the most tax-wise manner.

Medical costs continue to skyrocket. What's a small business owner to do?

 

In most cases, fringe benefits provided to company bigwigs are exempt from tax only if they are offered to everyone.

 

If you run a small company, it's hard to squeeze in enough exercise time during the week.

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

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