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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Bonus depreciation is back and better than ever. Now the IRS has issued a new ruling on this revived tax break. The new IRS guidance provides certain options, including a downward election, plus coordination with other tax code sections and creates an “escape hatch” for business vehicle owners who might face unfavorable tax results under the new rules.

Summer is under way, but it’s not time to relax from a tax perspective. There’s plenty you can do during the middle of the year to cut your 2011 tax liability down to size. Here are eight strategies you may use to cool off the tax man.
If you travel extensively on business, you probably know the drill: Both the airline and the hotel often will offer a lower rate if the stay includes a Saturday night. Strategy: Stay until Sunday. Besides the discount, the cost of staying an extra day is deductible as business travel, even if the work has been completed.
A federal trial court has directed an employer that appropriately withheld payroll taxes from an arbitration award to pay back the amount withheld to the employee. An employer must obey an arbitration award to the letter, the court ruled.

You may not be able to qualify for the full home sale exclusion ($250,000 singles; $500,000 for married joint-filing couples) when you sell your principal residence. However, if you can’t get the whole loaf of bread, at least you might be able to get a slice of it. Strategy: Claim a partial home sale exclusion on your personal tax return.

Unemployment insurance benefits are designed to help employees who lose their jobs through no fault of their own. Since employers pay into the fund that pays out unemployment benefits, it's in your interest to contest benefits for undeserving former employees. Here's how to go about doing so.
Tax audits of individual taxpayers went up, especially for high-income folks, according to the IRS' new "Data Book" for its 2010 fiscal year. Other changes were revealed for taxpayers with total positive income between $200,000 and $1 million, businesses with gross receipts of $25,000 and higher, and individuals claiming the earned income credit.
A staffing company that provides workers for major hotels in the Dallas-Fort Worth area has agreed to pay more than $242,000 to employees after a U.S. Department of Labor investigation uncovered Fair Labor Standards Act violations.

Have you heard about the Houston Astros fan who was taxed on the doughnut coupons he won as a prize? There’s a valuable tax lesson to be learned from it. Strategy: Simply turn down prizes and awards you don’t want. They may constitute taxable income whether you use the item or not.

It usually takes a long time—39 years, to be exact—to recoup the full cost of a business building through depreciation deductions. But there’s a way to secure faster tax benefits. Strategy: Separate building components for tax purposes. As long as you meet certain requirements, you may write off the cost of some building components in only five or seven years.

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