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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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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.
Suppose you hire several “outsiders” to do some “inside” work. Are they employees or independent contractors? It can make a big tax difference.
Although dividends paid by C corporations are taxable to the extent of the company’s earnings and profits (a tax term of art), they generally are eligible for preferential federal income tax treatment, just like long-term capital gains.
Does your company own a retreat in the woods or by the water? Unfortunately, you usually can’t deduct the costs of maintaining this “entertainment facility,” even if you use it to entertain business clients. Strategy: If it suits your needs, allow rank-and-file employees to use the place, too.
A qualified start-up company can now use the research credit to offset payroll tax liability instead of just income taxes.
Make higher-education credit count ... Beware of the NII tax in ’17 ... Kiddie tax as part of divorce ... Key 401(k) exception for early retirees ... You’re readiing a tax deduction
If you are making a move because of your job, you may be entitled to deduct certain moving expenses. Alert: The write-off isn’t automatic. To qualify for this tax break, you must meet a two-part tax law test involving distance and time.
Do you own incentive stock options (ISOs) issued by your company? They can provide big tax benefits if you’re careful.
Have you volunteered to take in a foster child? Besides doing a good deed, you may be in line for tax breaks.
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