Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the...
Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
bonus depreciation
Bonus Depreciation – Could Work for your Busiuness
5 KEY POINTS ABOUT BONUS DEPRECIATION You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. 1. Bonus...
Year-End Tax Planning – Buy Business Equipment
2 VALUABLE YEAR-END TAX-SAVING TOOLS FOR YOUR BUSINESS At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business...
Business Tax Write-Offs for Purchased Equipment
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...
Major Tax Law CHanges for Small Business Owners
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...
New Tax Act changes affecting Small Business
A REVIEW OF SIGNIFICANT TCJA PROVISIONS AFFECTING SMALL BUSINESSES Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA)...
Claiming bonus depreciation on your 2017 tax return may be particularly beneficial
CLAIMING BONUS DEPRECIATION ON YOUR 2017 TAX RETURN MAY BE PARTICULARLY BENEFICIAL With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs...
Bonus Depreciation under the new Tax Law can affect 2017 return
THE TCJA TEMPORARILY EXPANDS BONUS DEPRECIATION The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for...
Tax Cuts and Jobs Act: Key provisions a ffecting Businesses
TAX CUTS AND JOBS ACT: KEY PROVISIONS AFFECTING BUSINESSES The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a...
2016 Tax Return – Take Bonus Depreciation
WHY 2016 MAY BE AN ESPECIALLY GOOD YEAR TO TAKE BONUS DEPRECIATION Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The PATH Act, signed into law a...