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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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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.
Q. In a recent article, you said the new $2,500 FSA limit is on an individual basis. Does this limit apply separately to a married couple?
On March 25, 2013, the IRS announced the release of its 2012 Data Book, which provides a snapshot of agency activities. The report includes information about returns filed, taxes collected, enforcement actions, taxpayer assistance, and the IRS budget and workforce, along with other data, from Oct. 1, 2011, through Sept. 30, 2012.
They’re b-a-a-a-a-ck. No, we’re not referring to poltergeist, but rather the research credits that were previously available to business entities. The research credit had technically expired after 2011, but the American Taxpayer Relief Act reinstates it, retroactive to Jan. 1, 2012, and extends it through 2013.
Based on new gift tax data released in the IRS Winter 2013 SOI Bulletin, the amount of charitable deductions claimed on gift tax returns in 2011 increased to nearly $4.4 billion, up from $3.1 billion in 2010.
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