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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Generally, you can deduct marketing and promotional expenses incurred in furthering your business operation. But you can’t deduct payments made by your enterprise that aren’t expected to generate business income.
Are you responsible for additional federal income tax due to a fabrication, error or omission by your spouse on a joint tax return? Maybe not. You don’t have to pay the piper if you qualify as a so-called “innocent spouse.”
How would you like to leave tax-sheltered assets to your kids and grandkids that can actually increase in value over time? It’s not a pipe dream.
It appears that the 3.8% Medicare surtax on net investment income, which was included in the controversial Pa­­tient Protection and Afford­­able Care Act (aka Obama­­care), is here to stay.

Do you own a vacation home in the mountains or at the shore? Rent out the home when your family isn’t using it.

The deadline for electing S corporation status for the current tax year is rapidly approaching. Strategy: Take time to figure out if a switch makes sense for your incorporated business.

There’s a little-known tax provision in the Patient Protection and Affordable Care Act that may directly or indirectly affect businesses with connections to the health care profession.
Taking dependency exemptions for young children is usually a piece of cake. But things can get dicey when you’re claiming write-offs for the older generation.

Usually, you have to be traveling “away from home” on business to deduct lodging expenses. But that’s not always the case. The IRS has issued new final regulations allowing deductions for certain local lodging expenses.

Are you upgrading your computer soon? Don’t simply toss the old one in the trash when it no longer meets your needs.
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