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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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If you’re like many other small business owners, you may wait until the end of the year to buy property like equipment and computers. Don’t fall into a depreciation tax trap for property placed in service in the last quarter of the year.
Pulling off a like-kind exchange under Section 1031 is often easier said than done. Usually, the owner of property you have your eyes on isn’t interested in any property you own.
Are you having trouble collecting money for goods or services your business has provided? Consider these three strategies for securing bad-debt deductions.
Keep detailed records if your personal (nonbusiness) property is damaged or destroyed. Although it is small solace, you may be able to claim a casualty loss deduction on your 2017 tax return.
A new decision made in favor of a hallowed professional hockey team may lead to tax breaks for employers of all stripes.
As summer winds down, you may decide to host an outdoor party at your home, including business clients and friends. Depending on the situation, you may be able to write off a larger share of the home entertainment cost.
Frequently, taxpayers will try to turn a personal pursuit into a legitimate business operation, enabling them to deduct expenses in excess of the income produced by the activity. But you must at least try to turn a profit or your deductions will be limited to the income produced by the activity under the hobby loss rule.
We don’t have a clear picture about the shape tax reform will take, if any, this year. Thus, it appears the “status quo” may apply for this year for high-income investors. Strategy: Include municipal bonds.
It’s tough for a child just starting out to buy a home in today’s pricey real estate market. Strategy: Consider an “equity sharing” arrangement.
Suppose you hire several “outsiders” to do some “inside” work. Are they employees or independent contractors? It can make a big tax difference.
Although dividends paid by C corporations are taxable to the extent of the company’s earnings and profits (a tax term of art), they generally are eligible for preferential federal income tax treatment, just like long-term capital gains.
Does your company own a retreat in the woods or by the water? Unfortunately, you usually can’t deduct the costs of maintaining this “entertainment facility,” even if you use it to entertain business clients. Strategy: If it suits your needs, allow rank-and-file employees to use the place, too.
A qualified start-up company can now use the research credit to offset payroll tax liability instead of just income taxes.
Make higher-education credit count ... Beware of the NII tax in ’17 ... Kiddie tax as part of divorce ... Key 401(k) exception for early retirees ... You’re readiing a tax deduction
If you are making a move because of your job, you may be entitled to deduct certain moving expenses. Alert: The write-off isn’t automatic. To qualify for this tax break, you must meet a two-part tax law test involving distance and time.
Do you own incentive stock options (ISOs) issued by your company? They can provide big tax benefits if you’re careful.
Have you volunteered to take in a foster child? Besides doing a good deed, you may be in line for tax breaks.
The IRS recently released the depreciation dollar limits for business vehicles placed in service in 2017.
Have you finally made it big in the business world? You might enjoy your success by buying skybox seats for your favorite local sports team. Unfortunately, however, the tax law imposes strict rules on deductions for so-called entertainment facilities, including skyboxes.
The forecast for tax reform this summer remains cloudy. Strategy: Continue to rely on current law. At this point, you can still make tax moves this summer to improve your tax outlook, whether or not Congress eventually passes tax reforms.
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