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. I’ve heard that municipal bonds are no longer tax-free. Is that true? E.H., Bellingham, Wash.
Usually, you’re guilty until proven innocent in the eyes of the IRS. But now the nation’s tax collection agency is making it easier for certain taxpayers, like those suffering in abusive situations, to qualify as an “innocent spouse.”
The most onerous rules for em­­ployers and employees included in the massive 2010 health care law—the Patient Protection and Affordable Care Act (PPACA)—have yet to take effect. But qualified small business owners may already benefit from a generous tax credit for providing health insurance coverage to workers.
In the tax world, half a loaf, or at least part of a loaf, is usually better than no loaf at all. This principle applies if you’re selling your principal residence, but you don’t qualify for the generous home-sale gain exclusion.

The new tax law signed earlier this year—the American Taxpayer Relief Act (ATRA)—bestowed valuable estate and gift tax benefits on taxpayers. But a longtime gift tax break may have gotten lost in the shuffle.

Sometimes it pays to be just “average.” If your deductions line up close to the average for taxpayers in your income category, you’re more likely to fly under the IRS’ radar.
Q. I’ve had a home office for several years. Do I owe any tax if I sell the home? A.L., Manhasset, N.Y.
Q. I have several IRAs and I’m in my 70s. Do I have to take a set percentage from each one? I.S., Atlanta
Sooner or later, you're going to start thinking about handing over the reins of your business to the younger generation. Here's how to avoid a big tax hit when transferring ownership.
As a recent case pointed out, you generally can’t write off “commuting” expenses, even if you’re traveling a long distance each day. Suppose you’re working on a project that takes you far from home for several months. Strategy: Wrap up temporary assignments in less than one year.
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