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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The IRS is warning taxpayers about an emerging scam. Under the scheme, promoters claim they can obtain a tax refund or nonexistent stimulus payment based on the American Opportunity Tax Credit (AOTC), even if the victim went to school decades ago.

Prepare for the possible loss of several critical tax winners at the end of 2012. These include the “Bush tax breaks” that were initially passed a decade ago. Here’s a rundown of nine key tax breaks for individuals and small business owners slated for the endangered list.

Q. How can money taken out of a payroll check for Social Security benefits be a payroll tax reduction? Doesn’t this reduce the funds for my Social Security benefit plan?

It’s only been a short time since you put your 2011 tax return to bed. Now you’ve discovered that you made an error that cost you hundreds or even thousands of tax dollars. Strategy: File an amended return. Simply use Form 1040X.

Q. I have a SIMPLE-IRA, while my husband has a SEP-IRA and a traditional IRA. We’re both in our 50s. Can we consolidate these into traditional IRAs?

Instead of sitting back and waiting for events to unfold, you can take action now to protect yourself if the Buffett rule, or some variation of it, works its way into the tax law. Here are six steps that could minimize the tax fallout if Congress enacts the Buffett rule.

Q. My friend told me that the IRS has increased the standard mileage rate for 2012. Is that true?

You have until July 27, 2012, to request a refund relating to the long-distance telephone excise tax.
The new JOBS (Jumpstart Our Business Startups) Act signed into law April 5 designates a new category of emerging growth companies that could issue IPOs of stock, while exempted from certain financial disclosure requirements for up to five years.

Suppose your spouse’s car was damaged when he or she skidded on a wet road in April. It cost $3,000 out-of-pocket to repair. But you won’t be able to deduct any of this cost due to the casualty loss limits. Strategy: Start using your spouse’s car for business ...

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