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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Business owners and real estate owners may claim the following three generous deductions for 2013 on Form 4562, Depreciation and Amortization.
Q. I turned 70½ last year but I’m still running my company. Do I have to take 401(k) and IRA distributions this year?
Although the employer health insurance mandate doesn’t take effect until 2016 for small-to-medium firms (2015 for large firms), the beat goes on for individuals in 2014. The IRS is issuing new forms for insurers, exchanges and individuals to help enforce the rules for those who are uninsured for more than nine months this year.

The tax law allows you to roll over funds from one traditional IRA to another tax-free. But you can only use this technique once a year. Strategy: Apply the once-a-year limit to all your IRAs.

If you itemized deductions last year, any state income tax refund you received is taxable on your 2013 return. Report it on Line 10, Form 1040.
Was your company forced to downsize its staff the past few years while the economy struggled? Strategy: If your company paid Social Security and Medicare taxes on severance payments to discharged employees, consider filing a protective refund claim before April 15.
The April 15 deadline for filing your 2013 individual federal income tax return is fast approaching. Pay close attention to details. In particular, be prepared to deal with some new twists and turns.
Are you planning to go to school to sharpen your business skills or chart a new career path? Depending on your situation, you may be able to deduct the cost of your course load. 
The so-called passive activity loss rules limit the write-offs that certain real estate investors are able to claim. Now, the same investors could get socked by the new 3.8% Medicare surtax on their net rental income. But a real estate professional isn’t restricted by the PAL rules and their rental in­­come generally isn’t subject to the new surtax.
Do you think it was difficult to qualify for medical expense deductions in the past? It’s harder than ever due to new rules taking effect on 2013 returns.
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