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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Under the new 2010 Tax Relief Act, if you place qualified business property into service in 2011, you can claim 100% “bonus depreciation” for the property. That’s not a misprint. In effect, you can write off the entire cost of qualified property in just one year, with no limits on the amount!

Q. If someone purchased a residential or commercial rental property in 2010, does he qualify for the Section 179 deduction for leasehold improvements included in the purchase price?
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In a new ruling, the IRS allows you to treat excess “acquisition debt” as “home equity debt” when claiming mortgage interest deductions. The IRS says up to $100,000 of first mortgage debt in excess of the $1 million limit can qualify as home equity debt.
Figuring out how to effectively — and legally — manage your team's personnel records is often a daunting task. But, developing a records retention schedule will ensure that you keep the records you need for operational, legal, fiscal or historical reasons, and then destroy them when they're no longer useful.

Sooner or later, you’ll run across this concept: Take out a biweekly mortgage to replace your monthly mortgage and save money in the long run. But don’t forget to factor in taxes. Because you can generally deduct the full amount of qualified mortgage interest, your “savings” with a biweekly mortgage aren’t as great as they seem. But this doesn’t mean you should dismiss the idea of a biweekly mortgage.

Q. What are the chances that the manufacturing deduction will be extended through 2011?

Would you like to get away to a tropical paradise this winter? Normally, you’d have to pay a steep price for such a trip, but there’s a way you can get Uncle Sam to pick up part of the tab. Strategy: Sign up for a convention relating to your industry or profession. As long as the primary purpose of the trip is business-related, you can write off all of your convention expenses.

If your annual tax return is complex, or you don’t have the time or inclination to cope with filing, you’ll probably use a tax pro for the dirty details. Strategy: Put your tax return preparer in the best position to help you. Follow these five simple steps, to save both time and money.

Are you one of those tax filing “early birds”? The IRS may have clipped your wings this year. Don’t rush to file if you itemize deductions or you’re claiming one of three tax deductions reinstated by the new Tax Relief Act of 2010.

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