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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Q. I have a SIMPLE-IRA, while my husband has a SEP-IRA and a traditional IRA. We’re both in our 50s. Can we consolidate these into traditional IRAs?

Instead of sitting back and waiting for events to unfold, you can take action now to protect yourself if the Buffett rule, or some variation of it, works its way into the tax law. Here are six steps that could minimize the tax fallout if Congress enacts the Buffett rule.

Q. My friend told me that the IRS has increased the standard mileage rate for 2012. Is that true?

You have until July 27, 2012, to request a refund relating to the long-distance telephone excise tax.
The new JOBS (Jumpstart Our Business Startups) Act signed into law April 5 designates a new category of emerging growth companies that could issue IPOs of stock, while exempted from certain financial disclosure requirements for up to five years.

Suppose your spouse’s car was damaged when he or she skidded on a wet road in April. It cost $3,000 out-of-pocket to repair. But you won’t be able to deduct any of this cost due to the casualty loss limits. Strategy: Start using your spouse’s car for business ...

Q. I have season tickets to the Boston Symphony. Can I deduct the cost as a charitable donation?

The IRS is expanding its “Fresh Start” initiative for struggling taxpayers. (IRS News Release 2012-31) The updated program provides new penalty relief to the unemployed and opens up installment agreements to more taxpayers.

Q. I’ve invested substantially in gold. Does the wash sale rule apply to gold transactions?

In some cases, your business is legally obligated to make the premises accessible to disabled individuals. Strategy: Build the "disabled access credit” into your plans. If you qualify, you can write off half the cost. What’s more, the disabled access credit covers more than you might think.