Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few tax-saving strategies. Here are three tax planning ideas to implement before Read more
The tax implications of a business vehicle
The use of a business vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and Read more
Should your small business lease or buy equipment?
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 Read more
Fundamental tax truths for C corporations
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations Read more
Higher business mileage rate for business miles in 2019
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you Read more
6 last-minute tax planning moves for your small business
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax planning ideas small business owners should consider. Read more
New limits apply to Section 1031 like-kind exchanges in 2018
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Read more
Be sure repairs to property are actually repairs before deducting
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the repairs weren’t actually Read more
Small businesses reduce taxes with Section 179 expensing
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in Read more
Bonus depreciation on your 2017 tax return may be extra 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 Act (TCJA), signed Read more