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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We’re often asked about tax consequences surrounding environmental cleanup costs. The answer is usually pretty much the same: Cleanup costs must be capitalized, so there’s no current write-off for the employer. Strategy: Take a different approach for removing mold from a business building.
If you help an elderly parent or in-law make ends meet, you probably still won’t be able to claim a dependency exemption for the relative because of the “gross income limit.” But there may be a way to get around the tax rules if the relative watches your young children while you and your spouse work.

It’s almost time for the kids to go back to school. How about you? Strategy: Take some classes related to your business.

The home sale gain exclusion for a principal residence is one of the biggest tax benefits on the books. But you can’t claim any tax breaks for a personal home if you sell it at a loss, whether or not it’s your principal residence. Strategy: Convert your home into an investment property. In other words, hold it out for rent to tenants.

Q. I donated appreciated stock to charity, and I want to reacquire more shares of the same stock. Does this violate the wash sale rule?

Suppose your spouse often helps out at work, but he or she isn’t on the payroll. Now you’re about to take an important business trip, and you need an assistant on call. Strategy: Make it official by hiring your spouse.

Are you holding shares of stock that are now worthless? If so, you can realize some tax relief on your 2015 return.
Q. Can you deduct the value of blood donated to a hospital as a medical expense or charitable donation?
The days of the three-martini lunch are long gone, but business people can still deduct meal expenses that meet certain requirements.
Do you own undeveloped real estate that you would like to preserve in its pristine state? There’s a way to accomplish this goal and claim a current tax deduction while you still retain ownership of the property.