business expenses

5 ways to withdraw cash from your corporation while avoiding dividend treatment Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s...

It’s a good time to buy business equipment and other depreciable property   There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking...

Will leasing equipment or buying it be more tax efficient for your business? Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly...

A refresher on major tax law changes for small-business owners   The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to...

Buy business assets before year-end to reduce your 2018 tax liability [caption id="attachment_895" align="aligncenter" width="560"] 2018 Year End Tax Planning[/caption] The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks,...