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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As the owner of a small business or one of your company’s top employees, you may be granted stock options as part of your compensation package. What type of options are you receiving? It can make a big tax difference.
Q.  In a recent article, you talked about energy credits in your home. Can’t you get credits for costs at a plant?
Q. My car was damaged in an accident. I use the car about 80% for business, but I was on a personal errand. Can I still deduct the repair cost?

Maybe you’re not Bill Gates or Donald Trump, but you’ve worked hard to build up a small business empire of your own. Now that you’re closing in on retirement, you’d like to preserve most of your assets for your family without paying an arm and a leg in taxes. Strategy: Set up a dynasty trust.

The IRS still needs to improve the quality of its customer service, according to a report issued by the Treasury Inspector General for Tax Administration. The report cited lengthy wait times and scheduling deficiencies as two key problem areas. But the news isn’t all bad.

Do you need an “angel” to help your business fly? An expiring tax law provision may give you the wings. Strategy: Offer qualified small business stock (QSBS) to investors. As long as your company meets certain requirements, an investor may be able to exclude up to 100% of the capital gain from a subsequent sale of the stock.

You’ve been warned: The IRS has developed a new “Audit Techniques Guide” for agents examining business consultants. It pinpoints several critical issues such as misclassification of independent contractor status, online bartering transactions and shifting of income to corporations.
The IRS has announced it intends to eliminate the simplified “high-low method” that can currently be used to substantiate business travel expenses for lodging, meals and incidentals.
The IRS recently announced an increase in the standard mileage rate for the second half of 2011. So taxpayers might discard all the additional records required to deduct actual driving expenses for a new vehicle and go with the IRS-approved shortcut. But don’t assume the standard rate method beats the actual expense method.
Q. We’re looking into “overhead insurance” for a small business in the event an owner gets sick. Is this tax-deductible?
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