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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 can disallow deductions for travel expenses, including those for business car use, if you don’t keep adequate records.
Do your children help out at the office while they’re off from school? You can reward them at the same time you save tax overall.
Are you upgrading your computer soon? Don’t simply toss the old one in the trash when it no longer meets your needs. Besides helping the environment, you can reap some tax savings.
Are you having trouble selling your home? Unfortunately, even if you have to drastically reduce your price, you can’t claim a tax loss on the sale of a personal residence. But there’s another possibility.

It’s often important for business owners and managers to keep in touch with employees via cell phone (or similar mobile devices), especially when workers often go out on a job.

Usually, a married couple keeps “his” and “hers” automobiles. In other words, you drive your car, and your spouse drives a different car. This situation is even more common when one spouse uses a car mainly for business driving.

If you travel extensively on business, you probably know the drill: Either the airline or hotel, or both, may offer a lower rate if the stay includes a Saturday night. It’s not as prevalent as it was years ago, but Saturday night stay savings are still around.

There’s a way you can make your charitable donations count while maximizing the tax benefits allowed under law.
Are you planning to take a refresher course at a local school?
Typically, you can provide protection for your family by securing life insurance coverage. But how much will they actually receive after Uncle Sam claims his fair share? It depends on how you handle things.
If you’re getting a divorce, you could be heading into financial jeopardy.
The IRS is cracking down on businesses that misclassify workers as independent contractors instead of employees.
Although your income may be too high to qualify for deductible IRA contributions, you can still contribute money to your traditional IRA year after year.
A new law signed in 2015, the Bipartisan Budget Act, closed two key Social Security loopholes.
If you don’t want your teenage child lounging around this summer while school is out, you can find a tax-wise solution.
We’ve all heard horror stories about wealthy individuals who have an entire lifetime’s fortune quickly drained by extended nursing home stays.
Energy credits; medical expenses; teacher's helper; heavy-duty vehicle
Suppose an activity that started as a mere hobby is starting to produce some revenue. You can reap some tax rewards if it turns into a full-fledged business.
Do you need to raid your IRA to pay for unexpected expenses? Generally, the IRS will penalize you for early withdrawals, meaning those taken before age 59 ½.
If you own a boat that provides some of the creature comforts of home, you may be entitled to tax benefits normally associated with a fixed dwelling.
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