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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Under Section 162 of the tax code, your business can deduct a wide range of “ordinary and necessary” business expenses. This may include bona fide business management fees paid to professionals or a management firm used for this purpose. But you can’t deduct expenses just because you’ve labeled them as “management fees.”

Suppose you have unexpected medical expenses and you’ve exhausted your disposable funds. If there’s nowhere else to turn, consider an unconventional source. Strategy: Tap into your 401(k) or IRA in a pinch.
If you bought real estate years ago that has appreciated in value, you could be sitting on a king-size taxable gain when you finally sell the castle. Fortunately, there’s a way you might postpone the taxable gain until a time when you will pay a lower tax rate—or perhaps forever!
Do you own pristine land in the countryside that you would like to preserve for eternity? Strategy: Donate a “conservation easement” to a qualified charitable organization.
Although you can’t deduct the value of the services you provide on behalf of a charity, you can still claim tax write-offs relating to your activities. Here’s a rundown of several common examples.
Q. As the estate’s executor, can I deduct funeral expenses for a family member on his federal income tax return?
Q. I’m using the flat rate auto deduction for business travel. I had an accident costing me $3,000 out-of-pocket. Can I deduct it? K.U., Burlington, Vt.
Do you own a life insurance policy? If so, the proceeds from the policy will be included in your taxable estate when you die. Strategy: Set up an irrevocable life insurance trust (ILIT). Then transfer ownership of the policy to the ILIT. Accordingly, the life insurance proceeds are removed from your estate.
The early bird often gets the worm. So you might not wait until the waning days of the year to harvest capital losses from selling securities held in taxable brokerage firm accounts.
Q. I’m getting divorced and won’t likely have any salary of my own this year. Can I still contribute to an IRA for 2013?
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