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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Say you bought your home when prices in your neighborhood were sky-high, and now you’re trying to sell it. Unfortunately, there’s no tax break for a home sold at a loss. Convert the home into a rental property. If home prices in your area rebound, you can sell the home and pocket a gain. In the meantime, you can benefit from some relatively generous tax breaks for rental properties.
A family with a disabled child may choose to use one of the new ABLE (Achieving a Better Life Experience Act) accounts for the child. But ABLE accounts are restricted to individuals who experienced the onset of a significant disability before age 26, among other requirements. Set up a special needs trust, when warranted.
Does your housekeeper watch your young kids while you and your spouse work? You could be in line for a special tax break.
It generally takes 39 years—nearly a half century—to completely re­­coup the cost of a commercial building through depreciation deductions. By that time, you or your business may no longer be around. But you can move faster by taking matters into your own hands.
Common occurrence: A worker overpays FICA tax due to a change in jobs or other circumstances. It could easily happen to you or someone else in your family. Depending on the situation, you might use one of three techniques for recovering a FICA overpayment.
It may have made sense to start your small business as a C corporation, but now you’re getting hit with “double tax” each year—once at the corporate level and again on amounts distributed to you that are treated as taxable dividends.Elect S corporation status. Because there’s no corporate-level tax, you pay tax only once on business profits. This is often the best option for small business owners.
Employer-paid disability income insurance can be a valuable fringe benefit for employees, but it comes with a potential tax price. Depending on how you handle things, you may have to pay tax on the coverage sooner or later. Weigh your options. Then choose the tax route that’s best for your particular situation.
Did your company overpay estimated taxes in 2015 because of lower-than-expected holiday sales or other fluctuations in income? Don’t wait until the filing date for 2015 returns—March 15, 2016, for calendar-year corporations—to recover the excess.

You may often hear ads on radio and TV touting top-dollar deductions for donating a used car or other vehicle to charity. But it’s not always as simple as it sounds.

If you give cash or a cash-equivalent gift to a qualified charity at year-end, you can generally deduct the entire amount of the donation. But IRS is a stickler in this area.