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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Do you need to employ more workers for an expanding business? The tax law provides a generous Work Opportunity Tax Credit for hiring certain disadvantaged workers. But you might do even better than the regular credit. Strategy: Hire a qualified veteran.
How can you best obtain affordable health care coverage in 2013 if you’re self-employed? Depending on your situation, you might be able to go through the “back door.”
Upper-income taxpayers could face a potential tax nightmare in 2013 due to a new 3.8% Medicare surtax on net investment income. Strategy: Wake up to reality. If you take tax action now, you might be able to reduce, or even eliminate, your liability for the new 3.8% surtax.
Q. Can I convert a personal pickup truck into a business vehicle and be able to claim tax deductions? S.T., Laguna Beach, Calif.
While the economy slowly recovers, your business may still have trouble collecting past due accounts. Fortunately, there’s a silver tax lining in the dark cloud.
If you’re improving your home—say, putting in a deck or finishing a basement—a little forethought can provide some big tax savings. Strategy: Keep detailed records of home im­­prove­­ments. The costs aren’t deductible, but you can add them to the home’s basis, thereby reducing the taxable gain on a future sale.

The new tax law enacted around the turn of the year—the American Taxpayer Relief Act of 2012—extends a unique tax break for charitably inclined retirees. But the window closes again at the end of this year. Strategy: Donate funds in your IRA to a qualified charity.

Q. I never hear about Coverdell IRAs anymore. Have they been repealed? L.P.S., Orlando, Fla.
Suppose you’ve just discovered a mistake on the 2012 tax return you just filed in April. Should you file an amended tax return? Although there may be extenuating circumstances, the outcome will usually depend on whether you owe Uncle Sam or he owes you.
Do you operate a business from home? You’re entitled to home office deductions only if you regularly and exclusively use the place as your principal place of business or where you meet or deal with customers, clients or patients in the normal course of business. Taxpayers are often tripped up by the requirement for “exclusive” use.
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