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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When you give business gifts to clients, your deduction is limited to a paltry $25 per recipient—no exceptions.
The research credit has had more lives than the proverbial cat. At last count, this tax break had expired and been reinstated 16 times. But, the uncertainty often discouraged research activities.
Questions about deathbed gifts, medical exceptions for the elderly, IRA contributions and vanpools.
Say you bought your home when prices in your neighborhood were sky-high, and now you’re trying to sell it. Unfortunately, there’s no tax break for a home sold at a loss. Convert the home into a rental property. If home prices in your area rebound, you can sell the home and pocket a gain. In the meantime, you can benefit from some relatively generous tax breaks for rental properties.
A family with a disabled child may choose to use one of the new ABLE (Achieving a Better Life Experience Act) accounts for the child. But ABLE accounts are restricted to individuals who experienced the onset of a significant disability before age 26, among other requirements. Set up a special needs trust, when warranted.
Does your housekeeper watch your young kids while you and your spouse work? You could be in line for a special tax break.
It generally takes 39 years—nearly a half century—to completely re­­coup the cost of a commercial building through depreciation deductions. By that time, you or your business may no longer be around. But you can move faster by taking matters into your own hands.
Common occurrence: A worker overpays FICA tax due to a change in jobs or other circumstances. It could easily happen to you or someone else in your family. Depending on the situation, you might use one of three techniques for recovering a FICA overpayment.
It may have made sense to start your small business as a C corporation, but now you’re getting hit with “double tax” each year—once at the corporate level and again on amounts distributed to you that are treated as taxable dividends.Elect S corporation status. Because there’s no corporate-level tax, you pay tax only once on business profits. This is often the best option for small business owners.
Employer-paid disability income insurance can be a valuable fringe benefit for employees, but it comes with a potential tax price. Depending on how you handle things, you may have to pay tax on the coverage sooner or later. Weigh your options. Then choose the tax route that’s best for your particular situation.
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