Small Business Tax Deduction Strategies
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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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Although the Tax Cuts and Jobs Act notoriously cuts back certain deductions and wipes out others, it actually liberalizes the medical expense deduction for 2017 and 2018.

This may be the last year you get the full tax benefit of certain tax deductions, thanks to the Tax Cuts and Jobs Act.

The IRS is tough on deductions for travel expenses. Without the proper records to back up your claims, it might reduce or completely deny your write-offs. And it usually doesn’t help to throw yourself on the mercy of the Tax Court.

One tax law crackdown on investors was removed from the final version of the new tax reform law. It would have affected sales of investors who own multiple blocks of stock and mutual fund shares that were acquired on different dates.

Big business entities, including multinational corporations, are expected to reap the main tax rewards under the Tax Cuts and Jobs Act.

The Tax Cuts and Jobs Act enhances and creates numerous tax breaks for individual taxpayers, but repeals or scales back a slew of others. It’s going to take time to sort out all the details, but here are 15 key items on the agenda.

Medical expenses must be incurred primarily to alleviate or prevent a physical or mental defect or illness. They don’t include costs that are simply beneficial to your general health, such as vitamins or a relaxing vacation. Certain expenses that fall into a “gray area” may be contested in the courts.

Although you technically can’t deduct the cost of commuting back and forth from work, you can write off certain out-of-the-ordinary vehicle expenses. Here are five possibilities.

Did you buy a plug-in vehicle in 2017? Being environmentally conscious may entitle you to a generous tax break.

Both of these popular plans offer ease of administration and relaxed reporting requirements.

Good news: Business is booming. However, if you find yourself short-staffed at work, look no further than across the dinner table.

The time for cutting your 2017 tax bill is running out. Strategy: Donate to charity. This is usually one of the easiest ways to generate extra deductions at year-end.

Take full advantage of the Section 179 deduction, but watch out for a key limit. This might reduce your deduction when you file your 2017 return in 2018.

Do your business premises need a few minor repairs here or there? Strategy: Complete the repairs before the end of the year. The cost of the repairs is currently deductible, so you can still offset your company’s 2017 tax bill.

By making smart moves at the end of the year, you might save your business thousands of tax dollars. Here are seven tax strategies that may work out for your situation.

Absent any significant changes, the basic year-end tax-planning principles still apply in 2017. Strategy: When practical, accelerate deductions into 2017 to offset current tax liability.
Frequently, gambling loss deductions are denied because taxpayers fail to keep the records required for write-offs. In a pinch, you might resort to the “Cohan rule” allowing an estimated loss to be deductible, but you must convince the court that you actually sustained deductible losses.
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.
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