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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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The IRS often contests deductions for charitable donations of property in court. When the stakes are especially high, it sticks to the strict letter of the law.
President Trump and Republican leaders in Congress have rightly complained that corporate tax rates in the U.S. are among the highest in the world. But some companies have it even worse than most.
Turn misfortune into tax savings. Depending on your situation, you might qualify for one, two or even three tax breaks.
Depreciation is a tax deduction for the wear and tear and deterioration of property used in business activities. It effectively enables you to “recover” the cost of certain property over time for tax purposes.
The owner of a defunct S corporation tried to mitigate the tax damage by deducting the 100% penalty payment as a business expense. But the Tax Court shot down the argument.
Suppose you and your spouse plan on staying at a nice hotel during a business trip. If there’s a business purpose for the travel, you can still write off the cost attributable to the other person, even though you don’t work together.
If you have recently been victimized by a natural disaster, at least you may find a silver tax lining.
It’s tough to qualify for a medical expense deduction on your 2016 return, but not impossible.
Are you almost ready to file your 2016 tax return? Don’t rush through it.
Generally, you’re entitled to deduct 50% of the cost of meals and entertainment incurred for valid business reasons. However, as a new case shows, you must meet strict substantiation requirements.
f you use a pro to handle your 2016 return, make things easier by taking five basic steps.
With the buzz in Washington about potential tax reform, little attention is being paid to dozens of tax provisions that quietly expired at the end of 2016.
Estate planning can be especially tricky if your spouse isn’t a U.S. citizen. Find the tax solution that best meets your needs.
The new Tax Cuts and Jobs Act favors investors by cutting tax rates. But you’re hardly out of the woods.
Do you own a vacation home that you bought for some family R&R? Maybe you’re not using the place as much now that the kids have grown up and moved away. Strategy: Rent out the home this summer.
It’s hard enough for you to save money for retirement—how are your kids going to do it?
If you pulled up stakes last year due to a job change or relocation, you may be in line for a tax break on your 2016 return.
Are you stuck in the winter doldrums? Spice things up while helping your small business.
If your business is set up as a corporation, you may not qualify for home office deductions. But all is not lost tax wise.
Under the current rules, you may be entitled to a dependent care credit for payments for watching your kids.
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