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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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A taxpayer who worked as a bodyguard for celebrities tried to deduct a wide range of unreimbursed expenses. Eventually, the case went to court.

Does your home have cracks in its foundation? Depending on the cause, you may qualify for a casualty loss deduction on your 2017 return.

Common situation: You gave a client front-row tickets to the biggest event in town. Business gift or entertainment? It could go other either way.

Hire youths eligible for the “summertime” version of the Work Opportunity Tax Credit. It can be claimed for workers age 16 or 17 who reside in an empowerment zone or enterprise community.

2017 might be the last year you decide between deducting personal (nonbusiness) state and local income taxes or state and local general sales taxes on your federal income tax return.

If qualified property is acquired and placed in service in 2018, you can benefit from enhanced “expensing” and other Tax Cuts and Jobs Act provisions relating to depreciation.

If you claim the tuition deduction for a student, you can’t claim the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit (LLC).

The new Bipartisan Budget Act of 2018 (BBA), which extended funding of the federal government, also revived around 30 tax provisions that had expired at the end of 2016. These extensions are generally retroactive to 2017, but only last for just the one year.

Did you or your child pay interest on a student loan last year? In that case, you may realize a tax benefit on your 2017 return.

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.

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.

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.

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.

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.
The new tax law preserves a major tax credit for building renovations, but with certain modifications.
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