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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Giving lifetime gifts to family members is a tried-and-true method for reducing your taxable estate. The problem? You have to give up control over the assets. Strategy: Set up a Crummey trust.

Q. My main home is a shore house that declined in value after Sandy. If I sell it, can I claim a loss?
Q. I work for a nonprofit organization. Can I deduct home office expenses?
Q. We pay a live-in to help my elderly mom with daily living. Can we claim her as a dependent?
Crazy as it seems, you may fare better in 2015 if your corporation forgoes a deduction for certain amounts.
This point can’t be emphasized enough: You must keep the detailed records required by the tax law to back up claims for charitable donations of property.
If your teenage child needs a job for the summer, the perfect solution might be right in front of you.
Suppose your home is burglarized while you’re away. Of course, you have to promptly notify the local authorities and your insurance company. But is that the end of the matter? Not as far as taxes are concerned.
The tax law enacted late in 2014—the Tax Increase Prevention Act of 2014—gives away tax breaks with one hand and takes them away with the other.
Of course, taxes aren’t everything, but some highly taxed U.S. citizens are relocating abroad.