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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Is morale down in your workplace? There’s a low-cost way you can start the creative juices flowing.

Are you planning to sink money into your own or someone else’s fledgling business venture? The rewards can be high, but so are the risks. And if the business eventually goes under, you could be saddled with a tax loss of somewhat limited value. On the other hand, you might ben­­efit from a unique tax break should the stock become worthless.

A Roth IRA can provide tax-free payouts to retirement-savers in the future. But you may not be able to make annual contributions to a Roth due to the tax law limits. Plus, if you convert funds in a traditional IRA to a Roth IRA, you’ll have to pay a hefty tax price. Strategy: Go in the “back door” instead.

Suppose your adult child needs a helping hand to launch a new business or buy a home. Give the child a low- or even no- interest loan. As long as you stay within the tax law boundaries, your family will have no tax worries. However, if you’re not careful, you could be blindsided by an unexpected tax bill.

The tax law favors real estate investors who rise to “real estate professionals.” Generally, they aren’t limited by the passive activity rules for other investors. Strategy: Elect to treat multiple activities as one real estate activity.

Do you own incentive stock options (ISOs) issued by your company? They can provide big tax benefits if you handle things right.
Several tax breaks for charitable donations by corporations recently expired. It’s not yet clear if any of them will be extended into 2014. But at last one special tax deduction remains on the books.
The budget deficit remains daunting, but the IRS has fewer resources to close the estimated $385 billion “tax gap.” Don’t be surprised if Congress is compelled to implement the “Buffett rule” or a similar revenue-generating provision. If you’re a high-income taxpayer, take steps now to reduce your tax exposure if the Buffett rule becomes law.

As we head into summer, the outlook for taxes remains cloudy. Here are 10 midyear tax moves that can’t miss under the existing tax rules.

Q. I’m a 58-year-old self-employed person with a SEP and my 55-year-old wife contributed to her IRA. Am I an active participant for IRA purposes?
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