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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Did you suffer damage to business or rental real estate property from Hurricane Irene or some other natural disaster this year? At least you may be partially compensated for your troubles through insurance proceeds or a condemnation award. But such payoffs can be a double-edged sword.

As the year draws to a close, you can still salvage tax benefits if you own underperforming municipal bonds (“munis”). Strategy: Exchange the munis for other munis in the secondary market. Then you can use the loss from the swap to offset capital gain income.

A trio of new IRS rulings on special diet food, alternative medicine and hearing aid repairs may bolster your chances for claiming a medical expense deduction this year.
Here are seven popular ways to cut your 2011 business tax bill:
Q. If I delay receiving Social Security benefits until age 66, will I avoid the tax on the benefits?
Due to a looming new Medicare tax on investment earnings, you may be tempted to unload your principal residence to the first qualified buyer you can find. In a word—don’t.
A taxpayer who qualifies as an “innocent spouse” may be entitled to relief from tax liability on a joint return. But the IRS often questions claims of innocence. To qualify for relief, it has imposed the following requirements:
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?
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