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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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.

A federal judge in Northern California has granted preliminary approval to a settlement reached between U.S. Remodelers Inc. and 270 current and former workers who sued the company for wage-and-hour violations.
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?

Instead of making an outright sale of commercial or investment property, the tax law enables you to “swap” it for like-kind property without paying any current tax. However, things aren’t usually so cut-and-dried in the real world. For one thing, it’s unlikely the potential buyer of your property will own any real estate you desire. Strategy: Use a “qualified intermediary” to facilitate deals.

Companies everywhere are scrutinizing their payrolls and full-time employee head counts with an eye toward cost-saving measures ... and independent contractors. Just be aware that you'll need a concrete policy for managers to steer clear of the IRS and legal headaches in hiring outside workers.