The tax mechanics involved in the sale of trade or business property What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s...
Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
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2022 IRS Depreciation for Passenger Automobiles
IRS Issues New 2022 Rules for Passenger Car Depreciation The IRS has provided updated tables containing: 1. Depreciation deduction limits for passenger automobiles placed in service in 2022, and 2. Dollar amounts that must be used to determine the annual income...
Lease or Purchase – Which is the Better Tax Decsion for your Business
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...