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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Q. Our local municipal government provides $25 gift cards for our employees at Christmas. Are these gift cards taxable? D.O., Martinsville, Va.
Q. I’m selling my home for $800,000 and downsizing. Am I still eligible for any rollover tax deferral? S.K., West Islip, N.Y.
Do you need to employ more workers for an expanding business? The tax law provides a generous Work Opportunity Tax Credit for hiring certain disadvantaged workers. But you might do even better than the regular credit. Strategy: Hire a qualified veteran.
How can you best obtain affordable health care coverage in 2013 if you’re self-employed? Depending on your situation, you might be able to go through the “back door.”
Upper-income taxpayers could face a potential tax nightmare in 2013 due to a new 3.8% Medicare surtax on net investment income. Strategy: Wake up to reality. If you take tax action now, you might be able to reduce, or even eliminate, your liability for the new 3.8% surtax.
Q. Can I convert a personal pickup truck into a business vehicle and be able to claim tax deductions? S.T., Laguna Beach, Calif.
While the economy slowly recovers, your business may still have trouble collecting past due accounts. Fortunately, there’s a silver tax lining in the dark cloud.
If you’re improving your home—say, putting in a deck or finishing a basement—a little forethought can provide some big tax savings. Strategy: Keep detailed records of home im­­prove­­ments. The costs aren’t deductible, but you can add them to the home’s basis, thereby reducing the taxable gain on a future sale.

The new tax law enacted around the turn of the year—the American Taxpayer Relief Act of 2012—extends a unique tax break for charitably inclined retirees. But the window closes again at the end of this year. Strategy: Donate funds in your IRA to a qualified charity.

Q. I never hear about Coverdell IRAs anymore. Have they been repealed? L.P.S., Orlando, Fla.
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