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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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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.
Although the charitable contribution isn’t deductible, the distribution from the IRA isn’t taxable. And the payout qualifies as a required minimum distribution.
Q. I never hear about Coverdell IRAs anymore. Have they been repealed? L.P.S., Orlando, Fla.
Do you operate a business from home? You’re entitled to home office deductions only if you regularly and exclusively use the place as your principal place of business or where you meet or deal with customers, clients or patients in the normal course of business. Taxpayers are often tripped up by the requirement for “exclusive” use.
Figure out your tax liability on benefits in 2018. Depending on your situation, you might make some moves to reduce the tax.
Q. I am buying a new business car, but I haven’t finished writing off the old one I’m trading in. Can I claim depreciation deductions for the new one? A.E.P., Albuquerque, N.M.
Usually, you don’t voluntarily pay tax sooner rather than later, but you might make an exception when your young child receives Series EE U.S. Savings Bonds.
Beginning in 2013, there’s an extra tax incentive for investing in municipal bonds (munis). Strategy: Include more munis in your portfolio to sidestep the new 3.8% Medicare surtax.
The Ameri­­can Taxpayer Relief Act (ATRA) revived the research credit, retroactive to 2012 and extended it through 2013.
Suppose you’ve turned a personal hobby into a money-making venture. The activity can provide some tax benefits if you can convince the IRS it’s now a for-profit business instead of a hobby.
If you own a C corporation, you’re effectively taxed twice—once when the company earns taxable income and again when those earnings are paid to you as dividends. To avoid this double tax whammy, you might want to switch to the S corporation form of ownership. Strategy: Watch out for the “built-in gains” (BIG) tax.
Due to a number of tax law changes taking effect this year—including an onerous new Medicare surtax on investment income and higher tax rates for wealthy taxpayers—it’s important for you to start focusing on ways to cut your 2013 tax bill down to size.
The IRS has long been suspicious of inflated deductions for charitable gifts. Now it’s giving fair warning to taxpayers. It recently posted a reminder on its website featuring nine tax deduction tips.
Is your child graduating from high school or entering senior year? A gifted student may qualify for a college scholarship based on a specific talent, experience or achievement. Strategy: Have your child aim for tax-free scholarships.
With the sequester gripping Washington, D.C., all kinds of tax reforms are on the table. A new $3 million limit would apply to assets in IRAs and qualified retirement plans.
Are you looking to “go green” with your next vehicle purchase? Consider a plug-in electric vehicle. If the vehicle qualifies under the latest tax laws, you can claim a tax credit.
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