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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This point can’t be emphasized enough: You must keep the detailed records required by the tax law to back up claims for charitable donations of property.
If your teenage child needs a job for the summer, the perfect solution might be right in front of you.
Suppose your home is burglarized while you’re away. Of course, you have to promptly notify the local authorities and your insurance company. But is that the end of the matter? Not as far as taxes are concerned.
The tax law enacted late in 2014—the Tax Increase Prevention Act of 2014—gives away tax breaks with one hand and takes them away with the other.
Of course, taxes aren’t everything, but some highly taxed U.S. citizens are relocating abroad.
It’s your company, after all, so you deserve the lion’s share of the retirement plan benefits. But it doesn’t always work out that way. Stringent anti-discrimination rules limit the amounts you can salt away in your own account even if you had to skimp in earlier years while you were building up the business. Strategy: Add an age-weighted component to a profit-sharing plan.
The tax law allows you to deduct job-related moving expenses as long as you meet this two-part test.
Q. I picked up $12,000 of my mother’s medical rehab expenses that weren’t covered by insurance. Can I deduct those? M.T.G., Van Nuys, Calif.
If you’re selling a prime piece of real estate, you can probably get top dollar in today’s market. But it may be worthwhile to structure the deal so you receive payments over several years.

After the S&P Municipal Bond Index posted an annual return of 9.26% in 2014, most investment gurus predicted a fallback in 2015, and early results bear this out. Strategy: Don’t count out municipal bonds (commonly called “munis”).

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