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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Several tax breaks for charitable donations by corporations recently expired. It’s not yet clear if any of them will be extended into 2014. But at last one special tax deduction remains on the books.
The budget deficit remains daunting, but the IRS has fewer resources to close the estimated $385 billion “tax gap.” Don’t be surprised if Congress is compelled to implement the “Buffett rule” or a similar revenue-generating provision. If you’re a high-income taxpayer, take steps now to reduce your tax exposure if the Buffett rule becomes law.

As we head into summer, the outlook for taxes remains cloudy. Here are 10 midyear tax moves that can’t miss under the existing tax rules.

Q. I’m a 58-year-old self-employed person with a SEP and my 55-year-old wife contributed to her IRA. Am I an active participant for IRA purposes?
Although you don’t qualify for tax deductions, you may still stuff money into your traditional IRA each year. After all, the IRA still provides tax-deferred earnings, while the part of any distribution representing nondeductible contributions is tax-free. Strategy: Stop it and switch to a Roth.
It’s a common scenario: You’ve carved a subsidiary out of your main operation, so now you officially are the owner of two business entities. But that means you could be overpaying Social Security taxes if some of the employees work for both companies.
Do you need to get away from the rat race? There’s a way you can enjoy some much-needed time off this summer while Uncle Sam picks up part of the tab.
It seems simple enough, but one basic tax law principle is often ignored or misinterpreted by emotional taxpayers going through a divorce: Alimony payments are tax deductible while child support payments are not. Correspondingly, alimony payments are taxable to the recipient, while amounts paid for child support are tax free to the recipient.
Q. I won $1,000 in a March Madness pool. Do I have to pay income tax on it?

If you employ a household worker, such as someone to watch young children, you may be liable for the so-called “nanny tax.” If you observe all the legalities, you can avoid any dire tax consequences.

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