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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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With the sequester gripping Washington, D.C., all kinds of tax reforms are on the table. A new $3 million limit would apply to assets in IRAs and qualified retirement plans.
Are you looking to “go green” with your next vehicle purchase? Consider a plug-in electric vehicle. If the vehicle qualifies under the latest tax laws, you can claim a tax credit.

Q. My accountant says there is a limit on the business deductions we can claim for leasing a car. Is this true?

Q. I forgot to take my required IRA distribution for 2012. Is it too late to do it? 
If your business is growing by leaps and bounds, you may be poised to gobble up one of your competitors. Naturally, this will increase your overall payroll tax bill. Just be careful that you don’t overpay.
For years, retirement plan options for small business owners were limited. But not now. Strategy: Compare the Simplified Employee Pensions (SEP) with the Savings Incentive Match Plan for Employees (SIMPLE). Here’s a review of the key aspects of the two plans.
Q. Can we still claim the child care credit if the caregiver is a relative who lives in our home? K.P., Tarrytown, N.Y.
Now that charitable deductions are being reduced for upper-income taxpayers by the new American Taxpayer Relief Act, you may be pickier about giving to charity. There’s a way you can make your donations count while keeping the maximum tax benefits allowed under law.
That’s not a misprint. You can qualify for a 0% tax rate on some or all of your long-term capital gains realized in 2013. This unique tax break, recently extended by the American Taxpayer Relief Act, isn’t necessarily off-limits to taxpayers who are doing OK financially.
Don’t want your child lounging around this summer while school's out? If you're a business owner, it doesn’t have to be that way. Strategy: Put your child to work for your company as an official employee.
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