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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Q. I’ve invested substantially in gold. Does the wash sale rule apply to gold transactions?

In some cases, your business is legally obligated to make the premises accessible to disabled individuals. Strategy: Build the "disabled access credit” into your plans. If you qualify, you can write off half the cost. What’s more, the disabled access credit covers more than you might think.

The tax law generally limits the annual amount you can deduct for depreciation of so-called “luxury cars.” Strategy: Buy a heavy-duty sports utility vehicle (SUV) for business use in 2012. If the vehicle meets certain requirements, you can sidestep the luxury car limits.

The IRS has released its annual list of “dirty dozen” tax scams. (IRS News Release 2012-23) The list for 2012 contains few surprises. Nevertheless, taxpayers should remain vigilant. Here’s a quick rundown.

The IRS has released its annual list of “dirty dozen” tax scams. (IRS News Release 2012-23) The list for 2012 contains few surprises. Nevertheless, taxpayers should remain vigilant. Here’s a quick rundown.

Q. I’m considering a Roth 401(k) for my company. Do employees have to take RMDs?

Small business owners often clash with the IRS over the classification of workers. Usually, the employers claim certain workers are independent contractors; the IRS says they’re employees. If you’re challenged by the IRS, don’t throw up the white flag so fast.

Normally, investors look to “harvest” capital losses when the stock market has climbed, to offset any capital gains they’ve recently realized. But this tax year is far from normal, so you might do the opposite of the usual.

Q. If I give $1 million to my grandkids this year, will I have any estate tax exemption left next year?

The U.S. Supreme Court is hearing arguments about the constitutionality of the massive health care law. Most of the provisions in the new law won’t kick in until 2013 or 2014. Small business owners don’t have to wait. If you qualify, you can claim a special tax credit for pro­­viding health in­­surance to em­­­­ployees.
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