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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For the first time, the estates of a married couple may benefit from “portability” of the generous federal estate tax exemptions for 2011 and 2012. In essence, the estate of a surviving spouse can inherit and use the unused portion of a deceased spouse’s exemption. Now executors can follow new guidance from the IRS about this important estate tax break.

If you travel somewhere and engage in business and personal activities, any travel expenses to and from the destination are deductible only if the trip is related primarily to your business. As a general rule, you must show that you’ve spent more than half of the time on business activities. A taxpayer in a new case failed to produce the necessary records.
Q. Our company is rewarding another firm for providing us with leads. Are these “rewards” treated as deductible business gifts?
Q. We moved a year ago to be closer to our daughter and grandkids. But now she is relocating because of her job. If we move again, do we qualify for any home sale exclusion?
Here are the key tax-filing deadlines for 2012. Note: If you operate on a fiscal-year schedule for tax purposes, rather than the usual calendar-year schedule, your due dates for each quarter will line up differently.
The IRS has announced that the standard mileage rate used by business drivers will remain at 55.5 cents a mile in 2012, the same as it was for the last six months of 2011.
The IRS is giving some executors more time to make a big decision. Initially, it set a Nov. 15, 2011, deadline to choose between estate tax repeal for estates of decedents dying in 2010 and carrying over the basis of inherited assets. Now they have until Jan. 17, 2012.
Q. I’m paying life insurance on a policy I own with my ex-wife as beneficiary. Are the premiums deductible as alimony?
Q. I want to reduce the size of my estate. Can I give gifts from my company under the annual gift tax exclusion?
Q. I’m giving my granddaughter my Toyota Camry valued at $17,000. Can my wife join in the gift to avoid gift tax?
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