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.

Florida ranked as one of the nation’s business-friendliest states in the Small Business and Entrepreneurship Council’s (SBEC) Business Tax Index for 2009. The SBEC annually assesses the tax climates for business and entrepreneurs in the 50 states and the District of Columbia.

Ohio ranked among the nation’s most business-friendly states in the Small Business and Entrepreneurship Council’s (SBEC) Business Tax Index for 2009. The SBEC annually assesses the tax climates for business and entrepreneurs in the 50 states and the District of Columbia.

Q. My company was forced to lay off some employees. Do we have to subsidize COBRA payments for married ex-workers?

The so-called “manufacturing deduction” isn’t limited to companies that manufacture products only in the traditional sense. It’s available to a wider range of business operations. Strategy: See whether your company can squeeze through one of the Section 199 loopholes. If you qualify, you are eligible to deduct up to 6% of your qualified production activity income (QPAI) for the year.

Are you thinking of donating a boat or a car to charity? Maybe you can’t afford to simply give it away. Strategy: Arrange a “bargain sale.” Unlike a regular charitable donation, you get cash back from the charity plus a write-off based on the difference between the bargain sale price and the property’s fair market value.

SmartMoney.com recently posted an article about “hidden” tax truths. Here’s a condensed and updated version of "10 Things the IRS Won't Tell You":

The Keystone State ranked 29th out of 51 jurisdictions in the Small Business and Entrepreneurship Council’s (SBEC) Business Tax Index for 2009, a score that would have been better if it didn’t have the nation’s highest state corporate tax rate.

New York finished better than just four states in the Small Business and Entrepreneurship Council’s (SBEC) Business Tax Index for 2009. The SBEC annually assesses the tax climates for business and entrepreneurs in the 50 states and the District of Columbia.

Illinois came out better than average in the Small Business and Entrepreneurship Council’s Business Tax Index for 2009, an annual assessment of the tax climate businesses and entrepreneurs face in the 50 states and the District of Columbia. Overall, Illinois ranked 18th on a scale of 1 (least taxed) to 51 (most taxed).

With the possible exception of employment law, the legal profession has been hit hard by the recession. Today’s law school graduates are now competing with cadres of laid-off attorneys for dwindling positions. So, Loyola University Chicago School of Law has devised a way for law students to weather the economic storm.