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. Can you take a goodwill deduction when you buy an existing business?

Can you deduct the cost of fancy clothing you must wear to company events? Gen­erally, the answer is “no.” Deductions for work clothes are permitted only if the following two conditions are met.

Do you own a vacation home you rent out during the winter months? The place could be a goldmine of tax deductions, but you may be hampered by the passive activity loss rules.
A sharply divided Congress may be casting clouds of uncertainty over tax law changes, but that shouldn’t deter you from year-end planning.
Q. What are the chances that the manufacturing deduction will be extended?
The IRS issued new final capitalization regulations late last year. Generally, amounts paid to improve tangible property must be capitalized and depreciated over time, but the regulations provide a unique opportunity.
Earlier this year, the Tax Court determined that the once-a-year limit on tax-free rollovers applies to all of a taxpayer’s IRAs, not each one separately. This contradicted the previous taxpayer-friendly interpretation of the rules by the IRS.
If you own a small business operating on a calendar-year basis, now is the time to cash in on tax-saving opportunities while avoiding potential pitfalls.

At this point, no one knows whether Congress will raise the Section 179 deduction or revive bonus depreciation for 2014. Strategy: Make a safe harbor election under the tangible property capitalization regulations.

A new Tax Court decision may give business people more room to maneuver on home office deductions.
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