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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Although high-income taxpayers entered 2013 with a cloud of uncertainty hanging over their heads, this much was clear: You’ll have to contend with a new 3.8% Medicare surtax on investment earnings. The new surtax was included in the 2010 health care law upheld by the U.S. Supreme Court.

Q. My brother and I own real estate jointly, but he made the down payment. Will the property be included in my estate if I die first? Las Vegas

Are you sure that your tax return preparer really has the credentials that he or she claims to have? The IRS is checking up on those who profess to be attorneys, certi­­fied public accountants or enrolled agents. Why?

Q. We couldn’t afford to pay a company officer while we worked on a project. Now that we’re paying him in 2013, can we call it a loan? R.B.T., San Mateo, Calif.

If your small business owes federal payroll taxes to the IRS and you’re still under the gun, don’t despair. The IRS doesn’t want you to shoot yourself in the foot.

In a landmark case decided last year, the Tax Court allowed a tax­­payer to use a formula clause to pass assets to heirs through a family limited partnership. The case was widely applauded by the tax community. Alert: Don’t count your chickens just yet.

Q: What happens tax-wise when I trade in one business car for another? Do I have to pay the IRS any tax on the value negotiated with the dealer?

You’ve probably seen the ads for “no-cost mortgages” on TV or heard them on the radio. The pitch often appeals to potential homebuyers who want to avoid closing costs. Strategy: Crunch all the numbers before you commit.
During the first week of January, the IRS released updated tax withholding tables for 2013 based on the income tax changes in the new law. New withholding tables also reflect the end of the payroll tax holiday for Social Security tax.
An eleventh-hour compromise in Congress pulled the nation back from the brink of the fiscal cliff—at least for the time being—with passage of the “American Taxpayer Relief Act." Here’s a roundup of 16 key tax-saving opportunities in the new law.
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