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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Do you own undeveloped real estate that you would like to preserve in its pristine state? There’s a way to accomplish this goal and claim a current tax deduction while you still retain ownership of the property.
If you operate a business as an S corp, you may be able to claim a valuable tax loss against your other income. But the tax law generally limits such losses to the amount of your basis in the stock, plus any outstanding loans made directly from you to the corporation.

Suppose your main place of business is your principal residence and you store valuables in a home office or a separate structure. Strategy: Install a home security system for the business part of the home.

The “portability” provision in the federal estate tax provides greater flexibility in estate tax planning for married couples. Alert: The IRS has issued new final regulations pertaining to the portability provision.

Giving lifetime gifts to family members is a tried-and-true method for reducing your taxable estate. The problem? You have to give up control over the assets. Strategy: Set up a Crummey trust.

Q. My main home is a shore house that declined in value after Sandy. If I sell it, can I claim a loss?
Q. I work for a nonprofit organization. Can I deduct home office expenses?
Q. We pay a live-in to help my elderly mom with daily living. Can we claim her as a dependent?
Crazy as it seems, you may fare better in 2015 if your corporation forgoes a deduction for certain amounts.
This point can’t be emphasized enough: You must keep the detailed records required by the tax law to back up claims for charitable donations of property.
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