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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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.

The conventional wisdom is that you should transfer money into a trust to avoid future tax on earnings in your high tax bracket. Strategy: Crazy, but you might arrange to take money out of a trust.
If you’re the victim of a personal theft, at least there’s a small silver tax lining: The amount of the loss is deductible if it qualifies under the casualty and theft loss rules.
The “like-kind exchange” is one of the best tax breaks on the books. If you swap like-kind properties with another party—often one piece of real estate for another—there’s no tax liability if you complete the exchange in time. But it is seldom possible to arrange a one-for-one swap. Usually, multiple parties are involved.
Due to a recent tax law change, a lot of the guesswork for computing capital gains on sales of securities has been removed from the equation.
The IRS recently released the depreciation dollar limits for business vehicles placed in service in 2014. Alert: The latest figures released by the IRS don’t include 50% bonus depreciation. This tax break expired on Dec. 31, 2013, and it’s not clear if it will be extended for 2014.
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