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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Say your parents or in-laws are semiretired and still earning a bit of income, but you're helping them financially. They also watch your young children while you and your spouse work.

You probably can't claim a dependency exemption for your parents because their income surpasses a certain level.

Seven years ago, my parents gave their house in upstate New York to the children and their spouses. (There are five of us; four are married.) My parents paid $150,000 for the house, and now it's worth more than $500,000. Now that both parents have passed away, we're thinking of selling the home. But we're not sure if that's a good idea from a tax perspective and whether we'd qualify for the home-sale exclusion. What do you think?

The 2003 tax law slashed income taxes for most taxpayers. But what if you show a net operating loss (NOL) and no taxable income at year-end?

If you're still handling payroll yourself, you know it's time consuming and prone to errors. So here's some good news: A new crop of online payroll services are popping up and—no coincidence—the costs are dropping fast.

Staying one step ahead of the IRS isn't easy for most small businesses. One wrong step—a forgotten form, a lost receipt—could invite Uncle Sam's wrath.

Many business owners enter into "split-dollar" life insurance arrangements, in which the employer and employee share the cost of life insurance. But the IRS recently changed the rules, making those plans less attractive.

With interest rates near historic lows, your company may want to take advantage of the low cost of capital by issuing debt.

Parents on your staff face a big-time dilemma if they've got kids approaching the college years: How are they going to pay the ever-increasing tuition bills?

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 ...
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