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8 cool ways to beat the tax heat this summer

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in Small Business Tax,Small Business Tax Deduction Strategies

Summer is under way, but it’s not time to relax from a tax perspective. There’s plenty you can do during the middle of the year to cut your 2011 tax liability down to size. Here are eight strategies you may use to cool off the tax man.     

1. Corral tax breaks for business equip­­­ment. Thanks to recent tax law changes, a small business owner can combine two big tax breaks for buying equipment this year.

  • The maximum Section 179 deduction is a whopping $500,000 for tax years beginning in 2011. The phaseout of the deduction begins at a lofty $2 million threshold.
  • You can claim 100% bonus depreciation for qualified new (not used) property placed in service before Jan. 1, 2012.

Strategy: Don’t delay. There’s no need to wait until year-end, especially if you need the equipment now.

For Section 179 purposes, it doesn’t matter when during the year you buy the equipment, as long as it’s placed in service by Dec. 31.  

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