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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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.
The latest “newfangled” retirement plan being pushed by the IRS is the Roth 401(k) plan. Typically, a company will add the Roth feature to an existing traditional 401(k) plan. The IRS has issued new guidance on in-plan Roth 401(k) rollovers.

If you’re starting your annual spring cleaning soon, don’t toss out items such as used clothing, toys and furniture. Strategy: Donate them to charity instead. That way, you’re entitled to a deduction based on the fair market value of the property.

Q. How can I convince my 25-year-old daughter that it’s better to itemize than take the standard deduction?
Q. If we move a business lunch from a country club to a restaurant, can our business deduct the full cost?
Here are 13 key breaks for individuals and small business owners that expired after 2013.
Due to tax preparation software programs, it’s much easier to fill out a federal income tax return now than it was years ago, when you struggled through the process with a No. 2 pencil. But you still have some work cut out for you. Here are six ways you might be able to turn a potential tax liability into a tax refund.
Q. I converted part of an IRA to a Roth in 2013. Is the conversion income subject to the new Medi­­care surtax? J.S.L., Boise, Idaho
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