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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Congress has huffed and puffed, but it has yet to blow away a unique tax break for investing in your own company through your retirement plan. Strategy: With retirement account investments in company stock, keep the stock until you’re ready to retire. Don’t convert this nest egg to cash or other securities.

Under a separate tax provision for qualified small business stock, you can exclude 100% of the gain on the sale of the stock held more than five years. However, as the tax law currently reads, the 100% gain exclusion does not apply to stock issued after 12/31/13. Instead, a 50% gain exclusion applies.
Congress has yet to approve a number of “extenders” for 2014, but one tax break for soon-to-be parents is already locked up for good.
Unless you’re a novice investor, you’re probably aware of the “wash sale” rule.  But you may not know all the ins and outs.
It’s not often you get a chance to pocket up to a half million dollars without paying a dime of federal income tax. But it could happen when you sell your principal residence.
In a controversial new case, the Tax Court ruled that the once-a-year limit on IRA rollovers applied to all the traditional IRAs owned by the taxpayer, instead of applying the rule separately to each IRA. This contradicted the IRS’ own position stated in Pub. 590, Individual Retire­­ment Accounts.
Suppose you own assets that you want to pass along to other family members. There’s an easy way you can do it.
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.

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