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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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It’s back. The research credit, which had expired, was reinstated retroactive to Jan. 1, 2014, by the Tax Increase Prevention Act.
The IRS imposes strict substantiation rules for claiming charitable deductions for property donations. For instance, if you donated appreciated property last year, you must attach a qualified appraisal for a deduction exceeding $5,000. Generally, you can claim a deduction equal to the property’s fair market value.
Q. Our company bought used equipment for $35,000 in 2014. Can we depreciate it all?
Here are some of the major changes on 1040 schedules for 2014.
Have you completed your 2014 tax return yet? Take a look at these opportunities to save.
Q. We repaired our damaged roof, but the contractor’s work was shoddy. Is this deductible as a casualty loss?
Generally, you can deduct marketing and promotional expenses incurred in furthering your business operation. But you can’t deduct payments made by your enterprise that aren’t expected to generate business income.
Are you responsible for additional federal income tax due to a fabrication, error or omission by your spouse on a joint tax return? Maybe not. You don’t have to pay the piper if you qualify as a so-called “innocent spouse.”
How would you like to leave tax-sheltered assets to your kids and grandkids that can actually increase in value over time? It’s not a pipe dream.

Do you own a vacation home in the mountains or at the shore? Rent out the home when your family isn’t using it.

The deadline for electing S corporation status for the current tax year is rapidly approaching. Strategy: Take time to figure out if a switch makes sense for your incorporated business.

There’s a little-known tax provision in the Patient Protection and Affordable Care Act that may directly or indirectly affect businesses with connections to the health care profession.
Taking dependency exemptions for young children is usually a piece of cake. But things can get dicey when you’re claiming write-offs for the older generation.

Usually, you have to be traveling “away from home” on business to deduct lodging expenses. But that’s not always the case. The IRS has issued new final regulations allowing deductions for certain local lodging expenses.

Are you upgrading your computer soon? Don’t simply toss the old one in the trash when it no longer meets your needs.
Q. Does the new 3.8% surtax apply to the kiddie tax on a 2014 return?
Has your small business finally made it “big”? You might be able to buy that boat you’ve always dreamed about. But while you’re enjoying the trappings of your success, there’s no direct tax benefit for your business. The tax law essentially prohibits business deductions for so-called “entertainment facilities.”
The media has vilified the alternative minimum tax for sneaking up on unsuspecting individual taxpayers. But there’s a similar tax evil for business entities lurking in the weeds.
Q. If I sell my house where I’ve used a home office for my self-employed business, is there a tax penalty?
The U.S. Supreme Court has agreed to hear a case challenging the availability of premium tax credits provided to individuals under the Patient Protection and Affordable Care Act.
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