Suppose you realize you’ve missed out on a tax deduction or credit on your 2010 return. Or maybe you unintentionally failed to report income or miscalculated a capital gain or business deduction. Should you file an amended return? It often depends on whether you owe the IRS money or it owes you.
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.
It may have flown under the radar, but the 2010 Tax Relief Act extends a key tax break for cleaning up hazardous materials on business property. Strategy: Finalize plans required for a cleanup. If you qualify, you can write off expenses incurred before year-end.
Suppose you own real estate property in a pastoral setting that you want to preserve for future generations. Strategy: Donate a “conservation easement” to charity. As long as certain tax-law requirements are met, you can deduct the value of the benefit donated to a qualified charitable organization.
If you're raising a grandchild, make sure you’re claiming all the tax benefits you’re entitled to. To help, the IRS recently updated Pub. 4694, “Raising Grandchildren May Impact Your Federal Taxes.” Consider the following list of tax breaks that might be available to you:
Don’t forget that this is the first year that new “basis reporting” rules take effect for securities sales. Strategy: Be proactive. By planning ahead, you may be able to minimize the taxable gain on a securities sale or increase the tax-deductible loss.