Enjoy Expanded Tax Benefits for Depreciation and Expensing Tax Reform has impacted depreciation and expensing for nearly every business and entrepreneur. The Tax Cuts and Jobs Act changes allow business owners and the self-employed to write off the cost of machinery, equipment and other property more quickly. Here are some highlights: 100% First-Year “Bonus” Depreciation...
The good news is the Tax Cuts and Jobs Act creates a brand-new tax deduction for owners of pass-through entities, including partners in Partnerships, shareholders in S Corporations, members of Limited Liability Companies (LLCs) and Sole Proprietors. The bad news is the new tax break is very complex! Tax Reform may also have made some...
Under Section 199A, the Tax Cuts and Jobs Act (TCJA) provides pass through entities a deduction of up to 20% of the taxpayer’s “qualified business income” (QBI), subject to certain limits. Since there has been confusion over the availability of the Section 199A deduction for rental real estate activities, the IRS is now providing a 199A...
Whether you file taxes as an individual, a business owner, corporation or both, the lazy, hazy days of Summer, barbecues and beaches should not distract you from the business of your taxes. Throughout the year, you take your car in to the mechanic for maintenance, visit your doctor to stay healthy, and get your teeth...
Adjusted Gross Income (AGI) impacts the tax $$$ you owe. Better planning today could minimize what you pay in taxes tomorrow. AGI is the sum of income from all sources minus any adjustments or deductions to that income. Generally speaking, the higher your AGI, the higher your tax rate, and the more you will pay...
