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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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.

A little-noticed tax break in the American Taxpayer Relief Act of 2012 could provide a big boost for upper-income retirement-savers. It makes it easier to take advantage of a Roth 401(k) when an employer provides this option. Strategy: Switch money from your regular 401(k) account into the Roth 401(k) account.

Do you own a boat that’s a virtual “home” on the water? Or are you looking to buy a seagoing vessel that can provide many of the same creature comforts as your main digs? Strategy: Don’t forget to claim “mortgage interest” deductions for the boat.
Q. Does the new tax law reduce the maximum tax rate for gains from sales of artwork?
Unfortunately, you can’t claim a dependency exemption ($3,900 for 2013) for an elderly relative you help support, unless you pass a two-part test. Strategy: Take stock of your situation at midyear. Some smart tax planning might salvage an exemption without breaking the bank.
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