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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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A taxpayer in a new case, who should have known better, lost out on a charitable deduction worth millions because he did not obtain an independent appraisal of donated real estate properties.

Q. If I start a sideline self-employed business, do I still have to pay personal payroll tax if I’m over the Social Security tax wage ceiling in 2012?

Surprisingly, you may end up better off this year by having your corporation forgo a tax deduction. Strategy: Make this a “dividend year.” In other words, instead of receiving income in the form of tax-deductible wages, arrange to have the company pay out dividends to yourself.

If you need cash in a hurry and can’t afford to pay much tax, you may have more options than you think. Strategy: Consider a withdrawal from a Roth IRA. Despite the common perception, nonqualified distributions from a Roth aren’t fully taxable. In fact, they might not be taxable at all!

Q. My friend told me he submitted a blank tax return to the IRS. Is this even possible?

Q. You have advised readers to sell stock this year to realize capital gains. But won’t this trigger an estimated tax penalty for investors?

As the presidential election draws closer, tax reform is definitely on the table, and President Obama and Mitt Romney have offered different tax proposals. Strategy: Compare the two sides on tax issues. This could help determine your choice when you cast your ballot on Nov. 6.
The so-called “100% tax penalty” is one of the most-dreaded provisions in the entire tax law. If you’re held responsible for unpaid federal payroll taxes that were withheld from employee paychecks, you may be personally liable for 100% of the unpaid amount.

Where do you stand statistically in comparison to other taxpayers? Find out in the spring 2012 issue of the Statistics of Income Bulletin, which the IRS recently released to the public.

If you want to make a large donation to your favorite charity, you don’t necessarily have to give cash. Instead, you might donate shares of stock in your portfolio. Strategy: All other things being equal, give away stock with a low tax basis. Conversely, you should generally hold onto stock with a high basis.

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