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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Unlike the tax upheaval affecting individuals, tax rates for corporations are expected to remain the same in 2013 as they are in 2012. But self-employed individuals and owners of pass-through entities must consider the impact of the changes. With that in mind, here are eight tax-saving opportunities for your small business at the end of the year.
Increasingly, the IRS has been using a powerful weapon—the administrative summons —to force high-income individuals and businesses to hand over their books and other relevant documents. But taxpayers are fighting back.
Q. I’m interested in the dependent care credit. Can we qualify if my wife goes back to school for her master's degree?

To qualify for business loss deductions, you must show that you’re engaging in the activity to generate a profit. Otherwise, the amount you can write off is limited to the amount of your income from the activity, under the “hobby loss” rules ...

If the IRS Over­­sight Board is correct, many taxpayers will be asking “Where’s my re­­fund?” next year.

Q. Concerning qualified distributions from Roth 401(k) plans, are first-time home buyer expenses covered?

Beginning next year, it will be even tougher for most taxpayers under age 65 to claim medical expense deductions. Therefore, if you expect to qualify for a deduction this year, it’s time to go for broke.

In this election year, many small business owners are pleading for tax relief. But the Congressional Joint Committee on Taxation is urging more business entities to take advantage of an underutilized tax break that’s already on the books: the Section 199 write-off for domestic production activities.

Q. We travel extensively to take our son to golf camps and other competitions. Besides travel, we pay hotels, meals, etc. Is any of the cost tax-deductible?

Q. We’re thinking of giving large donations to several charities. Are deductions for itemized deductions reduced this year?