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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As with medical expenses, you can’t deduct miscellaneous itemized expenses on your tax return if you can’t clear an annual “floor.” But in this case, you don’t have as far to climb: You can deduct miscellaneous expenses that exceed 2% of your AGI.
Are you facing a higher-than-expected tax bill on your 2010 return? Don’t despair. It’s not too late to cut your 2010 tax bill with some savvy moves on your return. Here are six prime examples.
Make sure you make the employee-or-contractor call before you hire an employee. Don’t assume you can make the designation later. That usually won’t work. And you probably won’t even discover the problem until it’s too late to fix it—when a terminated worker files an overtime lawsuit.
Due to a myriad of new tax laws, IRS rulings and other adjustments, you’ll find numerous new twists and turns on this year’s Form 1040. Significantly, the new Form 1040 incorporates changes resulting from the Small Business Jobs Act of 2010 and the 2010 Tax Relief Act passed late last year.

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?
Test your knowledge of recent trends in employment law, comp & benefits and other HR issues with our monthly mini-quiz ...
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.

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