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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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The steadily falling mortgage interest rates of the last couple years are now edging back up. But if you refinanced this year, you probably didn't realize that claiming a bigger interest deduction on your 2003 tax return is possible, even if your overall mortgage payment is less than before.

My husband and I divorced earlier this year. As part of the agreement, some of my ex-husband's IRA was transferred into my name. I was told that we both need to file a form that indicates a change of basis. But I thought this exchange was tax-free. How can I avoid the tax?

Q: In a recent article, you said the Section 179 equipment write-off is available for used SUVs. (See 10/20/03 issue.) When I was car shopping, I mentioned that to a few dealers, but they said the tax break was available only for new vehicles. Was your article correct? G.S., St. Paul, Minn.

Q: I am a self-employed contractor and take in about $90,000 a year from my business. You said the new maximum expensing allowance is now $100,000, so can I write off the entire cost of a new $30,000 piece of equipment if I buy it in December? M.W., Lynbrook, N.Y.

Issue: Some state rules seem to clash with federal rules over whether you can require employees to accept pay via direct deposit.
Risk: By following your state law, in some ...

In 2001, President Bush's tax cuts increased the amount of your estate that is exempt from federal estate taxes to an even $1 million. As part of that law, the estate-tax exemption level will jump again, this time to $1.5 million, starting Jan. 1, 2004.

With Jan. 1 approaching, you need to once again adjust your estate plan to reflect the higher exemption level. The first three pages of this issue provide strategies to help you take full advantage of the new law. It lays out different strategies for people with medium-size estates, larger estates and valuable homes. Read on, then meet with your estate-planning professional.

Using a payroll service can streamline your business, but you (the employer) are ultimately responsible for paying federal taxes.

If your company creates a side business, you'll definitely want to consider structuring it as a limited liability company (LLC) owned by you.

If you plan to pack up and move after retirement, you'll probably weigh various factors when eyeing a landing spot, including climate, crime rate and recreational opportunities.

But here's another to put on the list: the state's tax structure.

Issue: Benefit costs are rising, but you need to offer a competitive package to retain good workers.
Benefit: Voluntary benefits let you beef up your benefits without much additional cost. ...
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