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 mom moved to an assisted living facility in November. I paid all her home bills the last two months. Can I deduct them on my 2011 return?
The IRS recently mailed out “warning letters” to more than 21,000 tax return preparers. But now the IRS admits that its computer system for ferreting out mistake-prone preparers needs fine-tuning.

Do you notice anything different on your 1099-Bs this year? For the first time, securities brokers must provide cost basis information for “covered securities.” Use new Form 8949, Sales and Other Dispositions of Capital Assets, to report your securities transactions from 2011.

You can save hundreds or even thousands of dollars through certain “tax elections” on the 2011 return you file by April 17. These choices often involve tax return comparisons. What sort of elections are we talking about? Here are five prime examples.

Q. We’ve rented out our house for slightly more than two years, starting in late 2009. If we continue the rental in 2012, can we still qualify for the home sale exclusion if we sell the home later this year?
Q. You recently talked about employees deducting transportation to and from school. Is there any restriction against air fare?
The highest-earning taxpayers are paying a hefty tax load, but not quite as much as they did before.
If you contribute to a Section 529 plan to help fund a child’s college education, you can secure valuable income tax breaks on the federal level. But what about state income taxes?
It’s your IRA, so you’ll use the funds in your account however you like ... right? Wrong. The tax law imposes a number of restrictions on IRA owners. You can’t simply do whatever you want. Failing to observe these rules can turn into an unmitigated tax disaster.

Sooner or later, the alternative minimum tax (AMT) is probably going to get you. Strategy: Do your best to dodge this “stealth tax.” At the very least, you may be able to reduce your AMT liability for 2012 with some advance planning.

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