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 sold stock in 2011 at a $7,600 loss and offset $3,000 of ordinary income. Do I have to use the remaining loss on my 2012 return? L.M., Albu­­quer­que, N.M.

The IRS has clarified the rules concerning a new 2.3% excise on certain medical devices.
The IRS recently announced cost-of-living adjustments for retirement plans in 2013. Here are some of the key limits.

Calamity was predicted due to the “sunset” of several favorable estate tax provisions on Dec. 31, 2012. But now the dawn of 2013 is more promising. The new tax law includes the following permanent changes.

Put away the party hats: You won’t be celebrating a “payroll tax holiday” this year.

Under a special IRS program, an employee may choose to donate amounts owed for leave time—sick, vacation or personal days—in ex­change for cash payments made by the employer to a qualified charity on behalf of Hurricane Sandy victims.

Although high-income taxpayers entered 2013 with a cloud of uncertainty hanging over their heads, this much was clear: You’ll have to contend with a new 3.8% Medicare surtax on investment earnings. The new surtax was included in the 2010 health care law upheld by the U.S. Supreme Court.

Q. My brother and I own real estate jointly, but he made the down payment. Will the property be included in my estate if I die first? Las Vegas

Are you sure that your tax return preparer really has the credentials that he or she claims to have? The IRS is checking up on those who profess to be attorneys, certi­­fied public accountants or enrolled agents. Why?

Q. We couldn’t afford to pay a company officer while we worked on a project. Now that we’re paying him in 2013, can we call it a loan? R.B.T., San Mateo, Calif.

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