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 have to tap into your qualified retirement plans or IRAs to pay unexpected expenses like alimony? There’s a “right way” and a “wrong way” to do it.

In early 2013, a federal district court enjoined the IRS from enforcing regulatory requirements for registered tax return preparers. But now the court has modified its order ...
Q. My small business just had to pay double the FUTA tax I normally pay. Did I miss a tax law change?

Q. A recent article about using a vehicle for business said a taxpayer will likely do better deducting actual expenses. But isn’t this misleading?

Frequently, owners of C corporations are accused of receiving excessively high compensation amounts, to avoid having profits taxed at both corporate and individual levels. Conversely, S corporation owners may attempt to keep their salaries low to avoid employment taxes on wages. Strategy: Arrange “reasonable” compensation for services actually rendered.

As the owner of the business, you may feel that you deserve more retirement plan benefits than other employees. But tough nondiscrimination rules can work against you … unless you’re clued in to one of the best-kept secrets in the tax law.

The new American Taxpayer Relief Act (ATRA) encourages small business owners to “put their money where their mouth is” by extending a unique tax break. Strategy: Inject additional capital into your corporation in exchange for shares of “qualified small business stock."

The TV show “Hoarders” doesn’t portray the obsessions of business owners. But you might trigger tax problems if you can’t help stockpiling too much cash in the company’s cupboards. Strategy: Do your best to avoid the “accumulated earnings tax.”

According to a new report by the Treasury Inspector General for Tax Administration, the IRS needs to get tougher on certain charitable donations.

Q. A recent article seems to indicate that Roth IRA conversions are subject to the 3.8% Medicare surtax, but I thought that all retirement distributions are exempt. Were you wrong?
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