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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The IRS says it will focus on these eight areas in small business audits in 2013:

With the prospect of higher taxes in 2013, plus the imposition of the new 3.8% Medicare surtax on investment income, it makes more sense than ever for well-off individuals to convert a traditional IRA to a Roth. Strategy: Set up multiple Roth IRAs based on the asset classes of the current investments in your traditional IRA.

Simply using tax preparation software won’t protect you from IRS penalties, the Tax Court rules.

Municipal bonds are likely to be at a premium at the end of 2012. Not only do they produce income free of federal and sometimes state and local tax, the income isn’t subject to the new 3.8% Medicare surtax. Strategy: Swap underperforming munis for other munis in the secondary market.

In a new report covering the tax years 2006 through 2009, the Treasury Inspector General for Tax Administration found that taxpayers had to repay more than an estimated $2.3 billion in credits that were erroneously claimed.

The IRS has reversed a long-standing ruling denying Section 179 deductions for the cost of planting vineyards and orchards.
Q. I’m converting to a Roth IRA. If I sell stock at a loss, can the loss offset the tax due on the conversion?
It’s a different story this year-end for investors in securities. Due to potential changes in tax rates for 2013, the usual emphasis on harvesting capital losses has shifted to realizing capital gains. Strategy: Don’t forget how the “netting rules” work.
Q. I plan to buy a car for business driving late this year. Should I use the standard mileage rate?

Chances are, if you’re a high-income taxpayer, the scheduled 2013 tax rate increases on ordinary income and capital gains and dividends aren’t your only concern. You could also face a new 3.8% Medicare surtax on all or part of your net investment income. Strategy: Make your tax moves now. If you wait until the surtax kicks in next year, it may be too late.

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