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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If you give cash or a cash-equivalent gift to a qualified charity at year-end, you can generally deduct the entire amount of the donation. But IRS is a stickler in this area.
In this global economy, even a small operation like yours may be doing business overseas. Learn the key tax rules for deductible foreign business travel. In some cases, just a minor change in your itinerary could provide a big boost in your tax deduction.
You may often hear ads on radio and TV touting top-dollar deductions for donating a used car or other vehicle to charity. But it’s not always as simple as it sounds.
Even though David Letterman has retired from late night TV, there’s still a top 10 list for small business owners to applaud.
Use this list to take ad­­van­­­­tage of the favorable tax provisions on the books while avoiding potential year-end pitfalls.
If you and your spouse run an unincorporated business together as the only two owners, the operation is generally treated as a partnership for tax purposes. In other words, you’re required to file a partnership tax return and otherwise comply with all the complicated federal income tax rules for partnerships. Strategy: Elect to treat the business as a “quali­­fied joint venture.”
In a case of first impression, the 9th Circuit Court of Appeals reversed the Tax Court’s earlier ruling and concluded that the limits for mortgage interest apply on an individual (per-taxpayer) basis when homes are co-owned by unmarried individuals. As a result, an unmarried couple that owned homes together could write off the interest on a combined total of $2.2 million of mortgage debt.
Do you own a boat or a car you might donate to charity? Before you pull the trigger, consider another option.
If you recently acquired or started a new business, or if it took several years for your company to become profitable, you may be ready to put more money into employee benefit plans like a qualified retirement plan. Strategy: Get your retirement plan going before the end of the business tax year. This will entitle your business to a tax credit—a dollar-for-dollar reduction of the company’s tax bill—for plan startup costs.
Suppose that your child in college plans to move off-campus next semester. At the same time, you’re looking to buy real estate to shelter income from tax. This could be an opportunity to kill two birds with one stone.
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