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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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?

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.

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.

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.

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