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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The IRS recently provided data about itemized tax deductions claimed on 2008 returns in the Winter 2010 Statistics of Income (SOI) Bulletin. The SOI Bulletin may be used to compute “average deductions” for taxpayers. If you’re “above average,” you could face greater exposure to audit risk.
Q. If my FSA covers medical expenses, can I also deduct them on my tax return?
Many entrepreneurs are proud of how hard they work, and of the long hours they have invested into building a strong business. Anyone who has built a company knows the hours are long. But when selling a business, it’s much better to be tan. If you cannot take a vacation or need to work 80 hours a week to make the business work, your selling price just went down.
Take time to assess your tax situation. By making a few moves midway through the year, you can cut your 2010 tax bill by hundreds or thousands of dollars. On the other hand, if you wait until the end of the year to seize these tax-saving opportunities, it’s often too late. Here are 10 timely techniques to contemplate.

Most small biz owners have a PC or a Mac at home. For example, a self-employed individual may use a home computer to run spreadsheets and keep business records, while the kids use it for homework and surfing the Internet. Strategy: Limit your personal use of the computer. If this is the only computer in the home, you might even buy another one for the rest of the family. It costs more upfront, but the tax savings are usually worth it.

Summer is a great time to assess your tax situation. By making a few moves midway through the year, you can cut your 2010 tax bill by hundreds or thousands of dollars. But if you wait until the end of the year to seize these tax-saving opportunities, it’s often too late. Here are 10 timely techniques to contemplate:
Employment practice liability insurance (EPLI) covers you from employee lawsuit judgments. The jump in employee lawsuits is making EPLI a nearly must-have; so premiums are rising. Here's how to shop for a policy ...
If you maintain a home office for your small business, you may be eligible for tax deductions for repairing other parts of your home. For example, if your home office comprises 10% of the overall area of your home and you regularly see clients there, you can generally deduct 10% of the cost of repairing your driveway.

The new health care reform law finalized on March 25—the Patient Protection and Affordable Care Act—includes sweeping changes for both employers and individuals. Although some new-law provisions take effect right away, most are prospective. But even future changes can affect tax planning this year.

Q. One of our employees recently took a company-issued BlackBerry with him on a business trip. The employee lost the BlackBerry while out on the town, and the company would like to have him pay for a replacement. Can we deduct the cost of a replacement BlackBerry from his paycheck?
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