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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An employee handbook can be the foundation of employee performance and a shield against lawsuits, or it can be a ticking time bomb that confuses employees and strips away your legal ...

Who says there are no great “tax shelters” left for investors? Strategy: If you can bear the risk, you can invest in oil and gas drilling funds. Investors can qualify for a special up-front tax break: the deduction for intangible drilling costs. A dollar invested now might provide a deduction of 50 cents, 70 cents or even 90 cents this year.

Heads are rolling in Norfolk, Va., following the discovery that a government worker who was suspended 12 years ago and hasn’t done a day of work since then has been drawing a paycheck the whole time. And get this: Now that she’s been officially fired, she’s suing.

If your main workplace is your home, you may be able to deduct expenses attributable to the part of the home used for business purposes. Normally, these “everyday expenses” are personal and completely nondeductible, but you can deduct a portion based on the home’s percentage of business use. Strategy: Use the business percentage method that gives you the biggest deduction.

Is your direct deposit or paycard campaign a little long in the tooth? Now may be the best time to update it to encompass new communications media, such as smartphone apps. Leverage the technology for smartphone banking apps to sell direct deposit or payments via payroll debit paycards. You can go one step further and pair electronic pay with paperless deposit statements.

Every employee of Alaska Air Group pocketed an extra month’s pay in February when the organization paid record annual bonuses totaling $72 million. The 9% bonuses came after the airline’s 12,600 employees helped the organization exceed its 2010 operational and financial goals.

If you just can’t seem to get anywhere with the IRS, and the agency’s action (or lack of action) will cause your company to suffer a significant hardship, you may be able to get a Taxpayer Assistance Order from the National Taxpayer Advocate.
Q. I don’t expect to show positive business income in 2011. Does that mean I can’t write off the cost of a new computer and cell phone?

Charitable-minded retirees who have reached age 70½ have another chance to do a good tax deed with benefits. The 2010 Tax Relief Act extends a tax break for “charitable rollovers.” Strategy: Donate funds directly from your IRA. In other words, instead of taking a taxable withdrawal and contributing the difference, you can tap into IRA funds to provide the full amount to charity. There’s zero tax due on the distribution.

In a fight over whether payments from an S corporation to its sole shareholder are dividends or salary, the IRS has the final word. Now a federal trial court has ruled that the IRS had authority to recharacterize non-FICA-taxable dividends distributions from an S corp to its sole shareholder as FICA-taxable wages.
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