Small Business Tax Deduction Strategies — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Page 150
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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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For busy businesspeople, cell phones, laptops, PDAs and other portable devices are essential. Usually, the company buys such devices and gives them to higher-ups and other employees who need them.

Normally, you must depreciate the cost of business or commercial real estate over 39 years. In comparison, you can depreciate residential rental property much faster over 27.5 years.

Unless you're a CPA or a tax nerd, the term MACRS can be daunting. It stands for Modified Accelerated Cost Recovery System, which is the standard federal-income tax method for depreciating the cost of your business assets.

All work and no play can make Jack (or Jill) a disgruntled employee or client. So, you may decide to treat some of your top customers or valued employees to an outing as the summer draws to a close. By knowing the tax-law rules for entertainment costs, you can double your pleasure with top-dollar write-offs.

A business that operates heavy-duty vehicles must pay a heavy tax when it hits the road: the heavy-duty vehicle use tax (also called the federal "highway use" tax).

If you operate a manufacturing company and need to clean up land contaminated with hazardous waste, how do you treat the cleanup costs for tax purposes? The IRS clarified that issue in a new ruling last month. (IRS Revenue Ruling 2005-42)

It's not too often that we advise you to turn up your nose at a tax break. But if you're selling real estate this year, you may want to pay more tax than required up-front. Why? Because you'll end up ahead of the game in the end.

Despite the recent talk in Congress about alternative minimum tax (AMT) reform (see page 3), the "stealth tax" is still expected to hit millions of unsuspecting taxpayers this year ... maybe even you.

If you plan to use an increasingly popular estate-planning tool—a charitable remainder trust (CRT)—be aware that you'll need to jump through some new hoops to preserve the trust's tax benefits.

So-called "donor-advised" funds have become immensely popular with wealthy charitable donors. But that tax strategy is now under the gun. The IRS is trying to ferret out which funds benefit donors themselves rather than fulfilling charitable intentions.

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