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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 own an S corporation, the company’s income and expenses are passed through to you personally. But any tax return loss from the activity is limited to your basis in the stock plus the amount of any loans that you make directly to the S corp. Case in point:

Let’s be clear about this: There is no substitute for accurate record-keeping. The IRS insists on it. But in a pinch, you still might have an ace up your sleeve. Strategy: Refer to the “Cohan rule,” named after a case involving the legendary Broadway hoofer, George M. Cohan.

Q. I’ve used my home for my self-employed business the past 10 years. Are there any possible tax drawbacks if I sell the home?

A 25-year-old taxpayer who tricked the state of Oregon into giving her a $2.1 million tax refund has been sentenced to 5½ years in prison.

Do you need someone to watch your young kids while you and your spouse work? There are usually several options for double-income couples to consider. Don’t forget to factor in the dependent care credit (commonly referred to as the “child care credit”).

As the driving force behind your company, it’s important for you to stay in tip-top physical shape. Strategy: Schedule a physical before the end of the year. If the company foots the bill, this fringe benefit is 100% tax free to you.
If you own U.S. Savings Bonds issued years ago—maybe you inherited them or received them as gifts from relatives—you should check the maturity dates.
Usually, you can’t deduct the cost of taking your spouse along on a business trip unless he or she is employed by the company. But that doesn’t mean you must pay the full cost out of your own pocket.

Q. Due to an expensive surgery, I’m over the medical deduction limit in 2012. Can I pay additional expenses personally instead of using my FSA? K.C., Bethesda, Md.

Q. My son, who graduated college, lost his job last year and moved back home. Can we still deduct him as a dependent?

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