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.
It may be possible to dispose of appreciated real estate property without paying a single penny of tax. Strategy: Use a like-kind exchange of properties. If handled properly, you don’t have to pay any tax until you sell your replacement property, if ever. However, you must pay close attention to the tax law deadlines.
There’s more hope for taxpayers who have to pay the tax bill of an estranged spouse through no fault of their own. The IRS has issued a Notice proposing a new revenue procedure about the “innocent spouse” rules. (IRS Notice 2012-8) The changes make it easier to qualify for tax relief.
Are you paying pricey premiums for long-term care (LTC) insurance? Don’t overlook a tax break. Strategy: Add the allowable cost to your medical expenses. This could push you over the tax threshold for a medical deduction.
Do you need to modify your home to account for a family member’s medical condition? Draw up plans now for home improvements. If you qualify, you may be able to deduct a portion of the cost as a medical expense.
The IRS has updated its website on the new Voluntary Classification Settlement Program (VCSP). The agency reiterates in theFAQs section that participation in the program will not trigger an audit.
It’s bad enough that you have to pay Social Security taxes while you’re working, but you could also get hit with federal income tax on Social Security benefits received in retirement! Strategy: Figure out if you’ll be taxed on Social Security benefits. If so, make moves to reduce your tax liability.