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.
You can usually deduct 100% of your health insurance expenses if you’re self-employed. But you may do even better tax-wise. Strategy: Hire your spouse to work for the business. Then cover the spouse under your health insurance plan as an employee. As a result, your spouse can cover other dependents under the policy—including you!
Estate planning in the future remains cloudy, but the big picture for the next two years is clear, thanks to the 2010 Tax Relief Act. Strategy: Maximize the benefits of a lifetime gift-giving program. In other words, give generous gifts to family members. The bigger the gifts, the better.
States that borrow from the federal government to pay regular unemployment benefits must pay back those loans, including interest. The 2009 American Recovery and Reinvestment Act waived interest payments for two years, but that provision expired at the end of last year, leaving an estimated 30 states to face a financial bind. President Obama’s 2012 budget proposal contains relief for strapped states and employers.
Who says there are no great “tax shelters” left for investors? Strategy: If you can bear the risk, you can invest in oil and gas drilling funds. Investors can qualify for a special up-front tax break: the deduction for intangible drilling costs. A dollar invested now might provide a deduction of 50 cents, 70 cents or even 90 cents this year.