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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Are you holding onto any stocks that are worthless? If so, you may be able to salvage some tax relief on your 2011 return. Strategy: Claim a capital loss deduction for worthless stock. The loss can offset capital gains plus up to $3,000 of high-taxed ordinary income.

The IRS has informally indicated that iPads and other tablets will be treated like cellphones when employers provide them to employees. Thus, employees won’t be taxed on the value of personal use, as long as the devices are provided primarily for business reasons ...
Q. If an employee over age 50 has two jobs with two SIMPLE-IRA plans, does the aggregate limit on elective deferrals for 2011 apply to the employee?

Are you short on cash for an IRA contribution this year? Uncle Sam may give you a “loan.” Strategy: Use your federal income tax refund to fund an IRA contribution.

Suppose you’ve carved a subsidiary out of your main operation, so now you officially own two business entities. Potential problem: If certain employees work for both companies, you could be paying more employment tax than you’re required to under the law. Strategy: Assign a “common paymaster” to handle employment taxes.

The new VOW to Hire Heroes Act, provides enhanced tax credits to employers that hire military veterans. Strategy: Adjust your hiring policies to accommodate vets. The changes could be worth thousands of dollars in tax savings to your company.
Q.  If I buy a $100 raffle ticket for charity and don’t win, can I deduct the full amount?

Your business is part of your legacy, so you probably don’t want the company’s building to be sold and bulldozed right after you die. However, your heirs may be strapped for cash if they have to pay federal estate tax on the value of the inherited business. Strategy: Point out the special use valuation break.

Just when it looked darkest, Congress revived a tax break for employees, at least for the short term. New legislation enacted late in 2011 temporarily extends the “payroll tax holiday” for two more months. And Congress is already working on an extension for the remainder of 2012.

The cost of everything else seems to be going up ... why not Medicare Part B premiums? The government recently announced a modest increase in the monthly premiums for 2012. But it amounts to a reduction for senior citi­zens who enrolled in Part B in 2010 and 2011.
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