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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The home sale gain exclusion for a principal residence is one of the biggest tax benefits on the books. But you can’t claim any tax breaks for a personal home if you sell it at a loss, whether or not it’s your principal residence. Strategy: Convert your home into an investment property. In other words, hold it out for rent to tenants.
Q. I donated appreciated stock to charity, and I want to reacquire more shares of the same stock. Does this violate the wash sale rule?
Suppose your spouse often helps out at work, but he or she isn’t on the payroll. Now you’re about to take an important business trip, and you need an assistant on call. Strategy: Make it official by hiring your spouse.
Are you holding shares of stock that are now worthless? If so, you can realize some tax relief on your 2015 return.
Q. Can you deduct the value of blood donated to a hospital as a medical expense or charitable donation?
The days of the three-martini lunch are long gone, but business people can still deduct meal expenses that meet certain requirements.
Do you own undeveloped real estate that you would like to preserve in its pristine state? There’s a way to accomplish this goal and claim a current tax deduction while you still retain ownership of the property.
If you operate a business as an S corp, you may be able to claim a valuable tax loss against your other income. But the tax law generally limits such losses to the amount of your basis in the stock, plus any outstanding loans made directly from you to the corporation.
Suppose your main place of business is your principal residence and you store valuables in a home office or a separate structure. Strategy: Install a home security system for the business part of the home.
The “portability” provision in the federal estate tax provides greater flexibility in estate tax planning for married couples. Alert: The IRS has issued new final regulations pertaining to the portability provision.