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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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Employers often provide workers with the tools they need for their jobs or reimburse them for their out-of-pocket tool costs. As long as employers handle things correctly, tool-cost reimbursements are tax-free to employees and deductible by the employer. Strategy: Ensure that tool-cost reimbursements from your business are made via an “accountable plan.”

The damage caused by tornadoes, floods and other catastrophes this year should give taxpayers cause for concern. What if vital tax records are destroyed by an act of nature? Strategy: Take precautions before disaster strikes. Although tax records may be “reconstructed,” a better approach is to safe­guard them in a fire-resistant box or other ­secure location.

Q. Can I get a tax deduction for buying one of the new plug-in vehicles?
The IRS has released an updated list of 275,000 organizations that have lost their tax exemption because they haven’t filed tax returns for at least three years. It believes that most of the organizations are now defunct. Nevertheless, the IRS has provided procedures allowing these charities to obtain reinstatement.
Now that Congress has finally approved a debt ceiling agreement, you can expect another issue to gridlock both chambers now: tax reform.

Should you invest in the stock of your own company through your 401(k) or other retirement plan? It makes perfect sense because you’re effectively betting on yourself. To sweeten the deal, you might be able to buy the stock at a substantial discount. Best of all, you may be in line for a future tax bonanza.

Q. I remember reading that serial LLC filings are not permitted by the IRS. Are there any new developments?

Don’t forget about a special tax credit for small businesses buried in the massive health care legislation passed in 2010. Determine if your small business qualifies for the credit. The credit can offset part of the cost of providing health insurance to your staff.

Q. Do we have to deduct $500 from our casualty loss deduction in a disaster area?
Q. I’ve shifted from being self-employed to a corporation. Can my company pay the FICA tax being withheld from my paychecks?
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