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.  My fiancé and I are planning to buy his retired mother’s home where we will live. What’s the best way to structure this?
Generally, you can deduct qualified mortgage interest during the 24 months your home is under construction. But suppose the home is never built? A new Tax Court case provides some insight.
Q.  Are bonus depreciation deductions reduced for business property placed in service in the last quarter of 2011?

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?