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.

The politics of the economic recovery and stimulus bill President Obama signed on Feb. 17 have been the talk of Washington for weeks. Now get ready to figure out what it really means for business. Tip for HR pros: Plan on spending lots of time in the accounting department.

In these uncertain economic times, small business owners may think about outsourcing certain payroll duties to third-party service providers. Alert: The IRS is cautioning taxpayers about tax traps in this area. Outsourcing payroll duties doesn’t relieve your company of its obligations to make timely employment tax deposits.

Once resistant to the money-saving practice of getting paid through direct deposit, employees now say they favor electronic payments over traditional paychecks.

Watch out for deductions that fall through the cracks. Here’s a list of out-of-the-ordinary deductible business expenses you might overlook.

Nobody’s perfect, but any mistakes you make on your tax return can come back to haunt you in penalties, interest and missed opportunities. What are the 10 most common errors? Here’s what the tax pros say.

Q. I’m self-employed and use my personal cell phone mainly for business and charitable functions. Can I write off the cost?

If you’re buying an SUV for your business this year, you might be able to sidestep a major tax roadblock to bigger depreciation deductions. A new IRS ruling appears to extend a narrow tax law exception to more vehicles.

Undoubtedly, you want to make things as easy as possible on your heirs, from both a financial and emotional standpoint. Strategy: Investigate the idea of using a “funeral trust,” which you fund ahead of time to help pay for future funeral costs. And a funeral trust may benefit from a special tax election.

Consider the tax implications of business insurance. You might want to adjust your policies—or secure new ones—to ensure that you maximize the tax benefits.

If your child is in college, he or she may be planning to move off-campus at some point. At the same time, you could be looking to buy real estate to shelter your income. Here’s how to kill two birds with one stone.