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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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Suppose the only way you can consummate the sale of real estate is to agree to an installment sale. Typically, the payments are taxed to you under the installment sale rules, thereby spreading out your tax liability. Usually, installment sale treatment is a good thing. But there are several possible reasons why you may forgo this tax break.
The Treasury Inspec­­tor General for Tax Administration has accused IRS supervisors of shirking their duties and said agents were encouraged to rubber-stamp applications for Individual Taxpayer Identification Numbers submitted by illegal immigrants.

Q. I am age 57 and plan to retire this year. Do I have to wait 2½ years to take 401(k) withdrawals?

The 6.0% tax under the Federal Unemployment Tax Act (FUTA) is offset by a 5.4% credit for an effective rate of 0.6%. But the credit is being reduced for employers in states that haven’t repaid outstanding loans from the feds. Currently, this will result in higher FUTA taxes in over half the states:
Inherit an IRA recently? Be aware of this key tax deadline. IRA beneficiaries are determined on Sept. 30 of the year following the IRA owner’s death.
If you own an S corporation, the company’s income and expenses are passed through to you personally. But any tax return loss from the activity is limited to your basis in the stock plus the amount of any loans that you make directly to the S corp. Case in point:

Let’s be clear about this: There is no substitute for accurate record-keeping. The IRS insists on it. But in a pinch, you still might have an ace up your sleeve. Strategy: Refer to the “Cohan rule,” named after a case involving the legendary Broadway hoofer, George M. Cohan.

Q. I’ve used my home for my self-employed business the past 10 years. Are there any possible tax drawbacks if I sell the home?

A 25-year-old taxpayer who tricked the state of Oregon into giving her a $2.1 million tax refund has been sentenced to 5½ years in prison.

Do you need someone to watch your young kids while you and your spouse work? There are usually several options for double-income couples to consider. Don’t forget to factor in the dependent care credit (commonly referred to as the “child care credit”).

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