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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The maximum Section 179 deduction allowed under the tax law is currently only $25,000 for tax years beginning in 2015. Beware of a special tax trap for property placed in service in the last quarter of the year.
With the college football season underway and basketball looming, you may root hard for your favorite teams. But you can do more than show vocal support from the sidelines. Donate funds to a “booster club” or similar program. This entitles you to a charitable deduction for all or part of the donation—even if the gift provides you with preferred ticket status for athletic events.
It’s not unusual for business owners and other company bigwigs to agree to deferred compensation (“deferred comp”) arrangements. In short, you earn the money now, and it’s not available until later. Under the tax rules for deferred comp, you may owe tax on money you haven’t received yet. But there’s an intriguing solution.
As things stand now, the tax breaks for buying depreciable business property have been watered down for the 2015 tax year. Consider leasing business equipment instead of buying it.
A tax that is often thought to be a remnant of days long gone by can still come back to haunt business owners.
As a general rule, legal fees incurred by a business are deductible when they arise in the context of a business activity. This is based on the origin and character of the claim.
We’re often asked about tax consequences surrounding environmental cleanup costs. The answer is usually pretty much the same: Cleanup costs must be capitalized, so there’s no current write-off for the employer. Strategy: Take a different approach for removing mold from a business building.
If you help an elderly parent or in-law make ends meet, you probably still won’t be able to claim a dependency exemption for the relative because of the “gross income limit.” But there may be a way to get around the tax rules if the relative watches your young children while you and your spouse work.

It’s almost time for the kids to go back to school. How about you? Strategy: Take some classes related to your business.

The home sale gain exclusion for a principal residence is one of the biggest tax benefits on the books. But you can’t claim any tax breaks for a personal home if you sell it at a loss, whether or not it’s your principal residence. Strategy: Convert your home into an investment property. In other words, hold it out for rent to tenants.

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