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 often questions whether a particular hobby constitutes a business or if it’s just a hobby. Under the “hobby loss rule,” you can’t deduct expenses in excess of income, so no loss is allowed. In the latest example, a collector of sports memorabilia claimed losses for his activity, only to strike out in the Tax Court.

The tax rules for substantiating business travel expenses are a major hassle, but there’s a way to avoid some of the headaches. Rely on this record-keeping shortcut for lodging and meals and incidental expenses.
Do you have a 401(k) or other defined contribution retirement plan at your company? Consider an approach from the days of yore.

HR Law 101: The IRS has the burden of proof when it interrogates an employer about its worker classifications. Before the Small Business Job Protection Act of 1996, the onus was on the employer to prove that an individual didn't qualify as an employee ...

Q. Can I deduct the cost of a lunch with a customer if we discuss business during the meal?
Do you provide a company cafeteria or other on-site meals for employees? This can be a valuable tax-free fringe benefit to employees and a way to attract and retain good workers.

During the past few years, Congress has failed to agree on legislation that would derail a powerful estate planning technique for small business owners. Strategy: Set up a Grantor Retained Annuity Trust (GRAT) to “zero out.”

Q. If my AGI for 2014 is $165,000, can I write off losses from an apartment building I own?

If you’re paying pricey premiums for long-term care (LTC) insurance, don’t overlook the tax implications. Strategy: Add the allowable cost to other deductible medical expenses.

The controversy over “tax inversion” continues to brew. This is the process of moving a corporation’s headquarters to a foreign location to avoid higher U.S. corporate tax rates.
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