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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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Tax-savvy investors know to watch out for the “wash sale” rule. But now there’s an extra wrinkle. New cost basis reporting rules apply to mutual fund shares acquired after 2011.

You’re going to hear a lot about “harvesting” capital gains and losses later this year. It’s all tied into the scheduled demise of the Bush tax cuts. Strategy: Line up the capital gains and losses you expect to recognize. Depending on your situation, you may want to harvest losses soon to offset gains or vice versa.

Proposed legislation, the so-called Ex-Patriot Act, targets expatriates who make money in the United States without paying a fair tax load. The proposal was triggered by the news that Eduardo Saverin, co-founder of Facebook, stands to save $100 million because he renounced his U.S. citizenship prior to Facebook’s initial public offering.

A new Tax Court case appears to create a blueprint for passing assets to heirs through a family limited partnership (FLP). The case upholds a formula clause for valuing the FLP interests passed to other family members. The IRS has sometimes successfully challenged such clauses in the courts, but this time the Tax Court sided with the taxpayers.

The 7th Circuit Court of Appeals has affirmed a Tax Court ruling that denied a charitable deduction to taxpayers who donated a house to the local fire department to burn down for training purposes.
Don’t be caught off-guard by the next installment due date for estimated taxes. Fortunately, you can avoid tax penalties if you paid the amount required under one of three safe-harbor methods.
Does your business intend to hire military veterans this year? It may qualify for the Work Opportunity Tax Credit.
According to a new case decided by the 9th Circuit Court, you can’t use a Roth IRA to hold S corporation stock: The corporation must be taxed as a regular C corp.

Q. My wife, who never worked, reached full retirement age for Social Security last month. I will reach it in November, but won’t retire for a few years. Should I wait to apply for benefits?

Although you generally can’t deduct the cost of going to and from work, you may be able to write off certain “commuting” expenses. Here are five prime examples.
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