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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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For the first time, you may have to pay the 3.8% Medicare surtax on “net investment income” (NII) on your 2013 tax return.
The IRS has made it easier for small business owners to deduct home office expenses. You can elect to use the simplified method allowing a maximum $1,500 deduction. But don’t automatically take the “easy way.”
Do you operate your small business as a C corporation? It might have made sense to start out that way, but now you’re getting hit with “double tax”—once on the corporate level and once personally when the company pays you. Strategy: Elect to convert to S corporation status. But the deadline for the election is fast approaching.
Do you need someone to watch your young kids while you and your spouse are working? There are usually several options for dual-income couples to consider. Strategy: Factor in the dependent care credit (commonly referred to as the “child care credit” in tax circles).

The IRS has announced a nationwide rollout of its “fast track settlement” (FTS) program. Strategy: Use the FTS program to settle differences with the IRS.

As a small business owner, you may show your appreciation to clients by giving them gifts. Strategy: Learn the “ins” and “outs” of the tax rules. By planning ahead, you can get the most tax-saving bang for your bucks.
Did your company overpay its estimated tax in 2013 due to a slowdown in holiday sales or fluctuating income throughout the year? You can recoup the overpayment even before you file the corporate tax return due on March 15 (or apply for the six-month extension).
Q. Can my wife and I both claim a home office de­­duc­­tion for the same space? N.R., Chester, N.J.
The Social Security wage base for 2014 is $117,000, up $3,300 from 2013. But the tax rate for both employers and employees is scheduled to remain at 7.65% on wages up to the base and 1.45% above that.
Q. Can my company legally set up a scholarship program rewarding my kids? M.A., Anchorage, Alaska
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