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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Due to a number of tax law changes taking effect this year—including an onerous new Medicare surtax on investment income and higher tax rates for wealthy taxpayers—it’s important for you to start focusing on ways to cut your 2013 tax bill down to size.
The IRS has long been suspicious of inflated deductions for charitable gifts. Now it’s giving fair warning to taxpayers. It recently posted a reminder on its website featuring nine tax deduction tips.
Is your child graduating from high school or entering senior year? A gifted student may qualify for a college scholarship based on a specific talent, experience or achievement. Strategy: Have your child aim for tax-free scholarships.
With the sequester gripping Washington, D.C., all kinds of tax reforms are on the table. A new $3 million limit would apply to assets in IRAs and qualified retirement plans.
Are you looking to “go green” with your next vehicle purchase? Consider a plug-in electric vehicle. If the vehicle qualifies under the latest tax laws, you can claim a tax credit.

Q. My accountant says there is a limit on the business deductions we can claim for leasing a car. Is this true?

Q. I forgot to take my required IRA distribution for 2012. Is it too late to do it? 
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.
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