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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At this point, it’s anybody’s guess if the Section 179 allowance will be increased this year. Small business owners can’t count on it so they might have to take regular depreciation deductions. Strategy: Buy qualified property before Oct.  1.

Although the real estate market nationwide hasn’t returned to the “glory days” property taxes are still going through the roof. Strategy: Appeal a property tax assessment when you have reasonable grounds.

Normally, when the assets of a business are transferred, the transfer of goodwill from the original owner to the new owner constitutes a taxable event. However, it’s often difficult to quantify the value of goodwill or even establish that goodwill has been transferred. Take a new Tax Court decision, for example.

You might view life insurance strictly as an income replacement vehicle for your family should you die unexpectedly. So, now that the kids are grown, you may no longer perceive a need for a sizable whole life policy.

It’s bad enough that corporate tax rates in the United States are among the highest in the world, but some companies have it even worse. Strategy: If possible, avoid being tagged a personal service corporation (PSC).

While legislative efforts to extend a six-­figure Section 179 deduction seem to have stalled in Congress, business owners are left in a quandary. Should you buy new equipment this year if the cost puts you over the current first-year deduction limit?
If you’re a corporate employee, you may not qualify for home office deductions, even though you frequently work from home. Strategy: Have your company rent the home office.
As a high-ranking official of your company, if not the top dog, you might want to set up a deferred compensation (“deferred comp”) arrangement so you can defer taxes.
According to the “smart money” the research credit will likely be extended again by Congress, retroactive to the beginning of the year.
Q. My husband was a partner in a dry cleaning business when he died. Are payments from the partnership taxed to his estate?
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