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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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.
Momentum is building for legislation that would impose sales taxes on more online retailers.
Should you use the flat rate method for deducting business auto expenses or the actual cost method? The answer depends on your personal situation.
Do you want to save energy at home and at work? The new American Taxpayer Relief Act of 2012 (ATRA) restores the power to taxpayers. Strategy: Cash in on the credits for qualified energy-saving expenditures.

Do you have to tap into your qualified retirement plans or IRAs to pay unexpected expenses like alimony? There’s a “right way” and a “wrong way” to do it.

In early 2013, a federal district court enjoined the IRS from enforcing regulatory requirements for registered tax return preparers. But now the court has modified its order ...
Q. My small business just had to pay double the FUTA tax I normally pay. Did I miss a tax law change?

Q. A recent article about using a vehicle for business said a taxpayer will likely do better deducting actual expenses. But isn’t this misleading?

Frequently, owners of C corporations are accused of receiving excessively high compensation amounts, to avoid having profits taxed at both corporate and individual levels. Conversely, S corporation owners may attempt to keep their salaries low to avoid employment taxes on wages. Strategy: Arrange “reasonable” compensation for services actually rendered.

As the owner of the business, you may feel that you deserve more retirement plan benefits than other employees. But tough nondiscrimination rules can work against you … unless you’re clued in to one of the best-kept secrets in the tax law.

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