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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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Typically, you can protect your family by securing adequate life insurance coverage. But how much will they receive after Uncle Sam siphons off a portion for the federal estate tax? As long as you haven’t retained any “incidents of ownership” in the policy, the proceeds won’t be included in your taxable estate.

In these trying economic times, young adults may find it difficult to save for retirement. A little-noticed tax break can provide a big boost to lower wage-earners.

Q. I collaterized a loan for someone else in a securities account that was called. Can I deduct the interest?
Most taxpayers say they would never cheat on their taxes and that it’s wrong to do so. How­­ever, to 8% of taxpayers polled, it’s OK to cheat “as much as possible.”
Certain taxpayers can’t make annual contributions to a Roth if their income is too high. But there’s a clever way to get around this obstacle. Go in through the “back door”: Make nondeductible contributions to a traditional IRA and then convert that IRA into a Roth IRA.
Q. We’ve received conflicting information from accoun­­tants. Is our company entitled to a tax credit for hiring new workers?
The new Middle Class Tax Relief and Job Creation Act of 2012, signed by the president on Feb. 22, extends the “payroll tax holiday” for the remainder of the year. Without this new legislation, the holi­­day would have ended with a thud on March 1.
The IRS is giving U.S. citizens who evade taxes by hiding income and assets offshore another chance to confess.

Has your hobby grown into a full-time or sideline business? You might need to convince the IRS. Run the activity just like any other business: Keep accurate and detailed records, maintain any requisite licensing and meet other technical responsibilities. In all respects, keep your business separate from your personal pursuits.

Does your child need a job this summer? Could your business use some help in the office or warehouse? There's a way to kill two birds with one stone: It solves the child’s job search problem while the family collects a bundle of tax breaks.
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