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.

Page 27 of 154« First...1020262728304050...Last »

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.

The IRS recently announced the standard mileage rates used to deduct driving costs for business, medical, moving and charitable purposes. Here's the standard mileage rate for the use of a vehicle, including cars, vans, pickups and panel trucks, beginning Jan. 1, 2013.

William Shakespeare said, “neither a borrower nor a lender be.” But sometimes it can’t be helped. Strategy: Tap into your IRA if all else fails. Admittedly, the IRS isn’t wild about the idea, but you’re in the clear as long as you meet the technical requirements under the law.

Did Hurricane Sandy or some other natural disaster damage your property last year? To add insult to injury, you may be liable for tax to the extent that insurance reimbursements or condemnation awards exceed your adjusted basis in damaged or destroyed property. Strategy: Repair the property or replace it quickly.

Page 27 of 154« First...1020262728304050...Last »