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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You can swap one real estate property for another without paying any current federal income tax, as long you meet the requirements under Section 1031 of the tax code. Similarly, you can use the same technique to swap one life insurance policy tax-free for a comparable policy under Section 1035. But do you know that this tax law provision may also apply to different types of financial products?

Q. I have a Ford F-150 truck weighing more than 6,000 pounds and use it 100% of the time for business. Was the depreciation tax break for heavy vehicles like mine eliminated for 2012 as part of the fiscal cliff? S.C., via email

The IRS imposes strict substantiation rules for claiming charitable deductions on your 2012 return. If you donated appreciated property last year, you must obtain a qualified appraisal for a deduction exceeding $5,000. Rely on an independent professional for appraisals.

Thanks in part to the American Taxpayer Relief Act, certain business owners and real estate owners can continue to claim three generous deductions for 2012 on Form 4562, Depreciation and Amortization. The three breaks are as follows:

Q. I missed taking my required minimum distribution (RMD) from my IRA last year. Can I avoid a 2012 penalty before April 15? H.S., Rochester, N.Y.
Due to the new American Taxpayer Relief Act, you may be getting a later start than usual on your federal income tax return. Here’s a roundup of “what’s new” on Form 1040 for most taxpayers.

HR Law 101: Several sources of financial assistance are available to help businesses make reasonable accommodations and comply with ADA requirements. 

The choices you make on your 2012 federal tax return can have a major impact on your overall tax liability. In fact, your tax return elections could make the difference between a sizable refund and paying more money to Uncle Sam. Here are five prime considerations.
Q. I’m age 78 and the founder of my company. Since I retired last year, can I still elect 10-year averaging for my retirement plan?

For the second year in a row, senior citizens enrolled in Medicare Part B will have to pay a higher premium charge. Higher-income individuals must pay even higher monthly Medicare Part B premiums, based on their MAGI, plus a surcharge on Part D premiums for coverage of prescription drugs.

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