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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Q. I'm at the stage of my life where I should reduce the size of my taxable estate. I am thinking of cashing in some mutual funds and giving the proceeds to my six grandchildren (ages 3 to 15). This should reduce my estate, and I can qualify for the gift-tax exclusion. I also want to reduce my assets in case I need to go into a nursing home, but I don't want to lose control of my funds. Does this make sense?

If you work at a central location—say, a company office downtown—and you take work home on nights and weekends, you typically won't qualify for home-office deductions. Reason: Your home office is not your "principal place of business." The downtown office is.

Real estate values are scorching hot in many parts of the United States. If you're sitting on some big-time appreciated property, check out the following three strategies for minimizing your tax bill

Yes, the new 15 percent top rate on capital gains is good news for real estate investors. But if you sell investment property, your actual tax bill can be much higher than 15 percent of your gains, due to earlier depreciation deductions. (Gains from prior depreciation write-offs are taxed at a 25 percent maximum federal rate.)

Q: My company pays a flat 30 cents a mile rate for car expenses. Can I deduct the difference between my costs and 30 cents per mile? A.Z., Atlanta, Ga.

Many employees forget—or don't realize—that employer-provided benefits make up a big portion of their compensation.

After you retire and the paychecks stop, you'll probably need to depend on your investments for cash flow. If you have a mix of investments, inside and outside a tax-deferred retirement plan, know which to tap into first.

Limited liability companies (LLCs) have become the entity of choice for many businesses. That's largely because LLCs combine the S corporation benefits of flow-through taxation and limited liability along with partnership-type flexibility for distributions and ownership interests.

Suppose you've been holding raw land that you bought years ago as an investment. Now you figure it's time to cash in on the building boom in your area.

THE LAW. Many organizations don't think twice about using independent contractors. They're an attractive labor source because you don't have to shell out payroll taxes or benefits for them, nor are ...
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