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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It’s your company, after all, so you deserve the lion’s share of the retirement plan benefits. But it doesn’t always work out that way. Stringent anti-discrimination rules limit the amounts you can salt away in your own account even if you had to skimp in earlier years while you were building up the business. Strategy: Add an age-weighted component to a profit-sharing plan.
The tax law allows you to deduct job-related moving expenses as long as you meet this two-part test.
Q. I picked up $12,000 of my mother’s medical rehab expenses that weren’t covered by insurance. Can I deduct those? M.T.G., Van Nuys, Calif.
If you’re selling a prime piece of real estate, you can probably get top dollar in today’s market. But it may be worthwhile to structure the deal so you receive payments over several years.

After the S&P Municipal Bond Index posted an annual return of 9.26% in 2014, most investment gurus predicted a fallback in 2015, and early results bear this out. Strategy: Don’t count out municipal bonds (commonly called “munis”).

Q. My business partner says an important new ruling was issued on deducting the cost of certain capital improvements. Do you know what he is talking about? J.J., Lodi, N.J.
Q. I have a small apartment in a high-rent part of town. Can I qualify for home office deductions?
Q. I gave a long-time employee a gift of stock in 2014 valued at $10,000. Is this a problem?
The preferential federal income tax treatment for qualified dividends is well known. But many taxpayers believe that the tax benefits are limited to dividends received from U.S. companies. Expand your investment horizons. This tax break also includes dividends received from qualified foreign corporations.
Q. Can I reduce my estate by giving gifts of stock from my company?