Small Business Tax Deduction Strategies — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Page 18
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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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You’re probably well aware of the benefits of using a Section 529 to save money for a child’s college education. But you may not know how to bulk up a child’s account faster without any gift tax problems. Here's how.
If you conduct administrative duties at home and you have no other fixed location where you conduct such activities, you can qualify for home office deductions. The rules in this area were changed by the Tax­­payer Relief Act of 1997 in the wake of a land­­mark Supreme Court case. Now it’s easier for self-employed individuals to take write-offs.
The recent Supreme Court ruling striking down the Defense of Marriage Act (DOMA) will have wide-ranging federal tax implications. Significantly, same-sex married couples will generally be eligible to file joint returns.
Usually, a small business owner works long hours at his or her trade. But you might own a significant interest in another business operation, or perhaps your main business, where you mostly sit on the sidelines. Strategy: Turn your “passive” busi­­ness interest into an “active” one.
The tax law says that you can deduct the cost of traveling between two business locations. But no deduction is generally allowed for “commuting” between your home and workplace. Accordingly, in a new case, the Tax Court denied a deduction to a taxpayer, even though he traveled a great distance to work each day.
An article in the June 2013 issue of Forbes magazine certainly raised a few eyebrows in tax circles. According to the writer, William Baldwin, affluent retirees earning hundreds of thousands of dollars a year may actually pay zero federal income tax this year.
The IRS is giving some business entities more time to apply for a tax refund involving severance pay. Alert: The IRS says it will sign Form 907, Agree­­ment to Extend the Time to Bring Suit, for certain taxpayers who had a FICA tax refund claim disallowed based on a controversial 6th Cir­­cuit court ruling.
Estate planning has been muddled for the past decade or so as professionals and taxpayers alike grappled with an ever-changing tax environment. At long last, the fog has lifted, thanks to the American Taxpayer Relief Act.
Generally, the amount received in a lawsuit settlement is taxable, unless a specific tax law exclusion applies.
Q. Our local municipal government provides $25 gift cards for our employees at Christmas. Are these gift cards taxable? D.O., Martinsville, Va.
Q. I’m selling my home for $800,000 and downsizing. Am I still eligible for any rollover tax deferral? S.K., West Islip, N.Y.
Do you need to employ more workers for an expanding business? The tax law provides a generous Work Opportunity Tax Credit for hiring certain disadvantaged workers. But you might do even better than the regular credit. Strategy: Hire a qualified veteran.
How can you best obtain affordable health care coverage in 2013 if you’re self-employed? Depending on your situation, you might be able to go through the “back door.”
Upper-income taxpayers could face a potential tax nightmare in 2013 due to a new 3.8% Medicare surtax on net investment income. Strategy: Wake up to reality. If you take tax action now, you might be able to reduce, or even eliminate, your liability for the new 3.8% surtax.
Q. Can I convert a personal pickup truck into a business vehicle and be able to claim tax deductions? S.T., Laguna Beach, Calif.
While the economy slowly recovers, your business may still have trouble collecting past due accounts. Fortunately, there’s a silver tax lining in the dark cloud.
If you’re improving your home—say, putting in a deck or finishing a basement—a little forethought can provide some big tax savings. Strategy: Keep detailed records of home im­­prove­­ments. The costs aren’t deductible, but you can add them to the home’s basis, thereby reducing the taxable gain on a future sale.

The new tax law enacted around the turn of the year—the American Taxpayer Relief Act of 2012—extends a unique tax break for charitably inclined retirees. But the window closes again at the end of this year. Strategy: Donate funds in your IRA to a qualified charity.

Q. I never hear about Coverdell IRAs anymore. Have they been repealed? L.P.S., Orlando, Fla.
Suppose you’ve just discovered a mistake on the 2012 tax return you just filed in April. Should you file an amended tax return? Although there may be extenuating circumstances, the outcome will usually depend on whether you owe Uncle Sam or he owes you.
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