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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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.

A new district court case could lead to more IRS snooping into gift taxes. The court ordered the state of California to disclose to the IRS the names of individuals who have transferred real estate for little or no money to family members.

The cost of practically everything keeps going up, but not the amount of tax-free transportation benefits for employees. Because Congress failed to extend a group of tax breaks beyond 2011, certain tax-free benefits have been virtually cut in half. Here’s a recap of the transportation fringe benefits that are currently available.

The IRS is taking steps to improve audit procedures for small corporations.
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