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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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Are you planning to renovate an older building in a historic area? Before you start tearing down walls and destroying the fabric of the property, check to see if you’ll qualify for a unique tax break.
If you’re like many other small business owners, you may wait until the end of the year to buy property like equipment and computers. Don’t fall into a depreciation tax trap for property placed in service in the last quarter of the year.
Pulling off a like-kind exchange under Section 1031 is often easier said than done. Usually, the owner of property you have your eyes on isn’t interested in any property you own.
Are you having trouble collecting money for goods or services your business has provided? Consider these three strategies for securing bad-debt deductions.
Keep detailed records if your personal (nonbusiness) property is damaged or destroyed. Although it is small solace, you may be able to claim a casualty loss deduction on your 2017 tax return.
A new decision made in favor of a hallowed professional hockey team may lead to tax breaks for employers of all stripes.
As summer winds down, you may decide to host an outdoor party at your home, including business clients and friends. Depending on the situation, you may be able to write off a larger share of the home entertainment cost.
Frequently, taxpayers will try to turn a personal pursuit into a legitimate business operation, enabling them to deduct expenses in excess of the income produced by the activity. But you must at least try to turn a profit or your deductions will be limited to the income produced by the activity under the hobby loss rule.
We don’t have a clear picture about the shape tax reform will take, if any, this year. Thus, it appears the “status quo” may apply for this year for high-income investors. Strategy: Include municipal bonds.
It’s tough for a child just starting out to buy a home in today’s pricey real estate market. Strategy: Consider an “equity sharing” arrangement.
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