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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Even with the generous $5 million estate tax exemption under current law (indexed to $5.25 million for 2013 and $5.34 million for 2014), some heirs will still be walloped by the federal estate tax. When the tax applies, the rate is a flat 40%. Strategy: Use the installment method for paying estate tax.
Suppose that a family member has to move into an assisted living facility (ALF). Al­­though nursing expenses are generally deductible as medical expenses, the lines can get blurred.
If you started a new business venture in 2013, you may be in line for a special tax break for entrepreneurs. Strategy: Realize a fast write-off for “start-up costs.”
Q. Didn’t the 2013 tax law finally eliminate the alternative minimum tax? R.B., Philadelphia
Q. I’m going to donate a kidney to charity. Can I claim a charitable deduction?
The tax landscape is littered with losing cases in which a taxpayer tried to deduct travel expenses for commuting to a permanent work site. No matter how far away the site is and how long it takes you to get there, the Tax Court will likely disallow any deduction.
One of the biggest tax deductions for businesses is the Section 199 deduction. Strategy: If at first you don’t succeed, try, try, again. This so-called “manufacturing deduction” can provide an effective tax rate cut of up to 3.15%.
For the first time, you may have to pay the 3.8% Medicare surtax on “net investment income” (NII) on your 2013 tax return.
The IRS has made it easier for small business owners to deduct home office expenses. You can elect to use the simplified method allowing a maximum $1,500 deduction. But don’t automatically take the “easy way.”
Do you operate your small business as a C corporation? It might have made sense to start out that way, but now you’re getting hit with “double tax”—once on the corporate level and once personally when the company pays you. Strategy: Elect to convert to S corporation status. But the deadline for the election is fast approaching.
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