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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You've probably heard that hiring your children is a great tax-saving move. Their income is taxed in their low tax bracket, and as long as you handle things correctly, your company can deduct the compensation.

It will soon be springtime in Washington, and for the past three years, that has meant tax breaks spilling forth across the land. But not this year.

Sometime between now and April 15, you'll probably sit down with your tax adviser to pour over receipts, write-offs and changes to your personal tax situation. You can save on your tax bill—and your tax-preparation fees—by avoiding these common errors

Issue: How to avoid the often-overlooked liabilities of using interns in your workplace. Risk: Courts view interns the same as employees, as "agents" of your organization. Plus, you face extra ...

C corporations offer better tax treatment for fringe benefits than S corporations. But don't avoid an S corporation election simply because of fringe benefits.

The 2003 tax law spawned dozens of great tax strategies, plus a couple of duds.

One lame concept gaining traction these days: Reduced individual income tax rates make your tax-deferred retirement plan an inferior retirement savings vehicle. Instead, the story goes, you should stash your retirement money in a taxable account at your friendly brokerage firm.

If parking space is at a premium near your building, you may pay for employees to park their cars in a nearby garage or lot.

If you set up a qualified fringe benefit plan, your company can deduct those parking costs, and the benefit is tax-free to the employees. Unfortunately, your company may pay a pretty penny for its local parking privileges.

File more business tax forms electronically.

 

IRS shifting jobs from clerical to crackdown.

 

Educate yourself on Health Savings Accounts.

Q: I heard that the increased Section 179 allowance goes away in 2004. Is that true? V.C.R., Miami, Fla.

Q: I own a residential real estate building that I bought in 1995. The building is 40 years old and needs a new roof. If I have a new roof installed this year, can I deduct the entire cost in 2004? M.S., Raleigh, N.C.

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