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.
Did your company overpay its estimated tax in 2013 due to a slowdown in holiday sales or fluctuating income throughout the year? You can recoup the overpayment even before you file the corporate tax return due on March 15 (or apply for the six-month extension).
The IRS has already announced that the government’s shutdown in October will delay tax filing season by a week or two. Strategy: If you use a pro to handle your return, make things easier with these five steps.
Q. Can my wife and I both claim a home office deduction for the same space? N.R., Chester, N.J.
The Social Security wage base for 2014 is $117,000, up $3,300 from 2013. But the tax rate for both employers and employees is scheduled to remain at 7.65% on wages up to the base and 1.45% above that.
Q. Can my company legally set up a scholarship program rewarding my kids? M.A., Anchorage, Alaska
How much of your budget is allocated to fringe benefits? In the past, this may have represented just a sliver, but now employee benefits frequently take a much larger piece of the pie. Strategy: Set up a Section 125 “cafeteria plan” that provides a menu of tax-favored fringe benefits to choose from.
The standard mileage rates announced for 2014 by the IRS are slightly lower than they were in 2013.
In a new private ruling, the IRS says that reimbursements given to employees as part of a bike-sharing program aren’t tax-free.
When you donate money to a qualified charity at the end of the year, you can generally deduct the entire contribution. Just be sure to stick to the letter of the law, particularly all the recordkeeping requirements.
Suppose the only other employee in your sole proprietorship is your spouse who does the bookkeeping and billing. After a few lean years, business is booming and you want to sock away as much for retirement as you possibly can. Strategy: Set up a solo 401(k) plan.