The Ins and Outs of Owning a Corporate Airplane
If you travel a lot for business and have been considering the purchase of your own aircraft, you’ll want to be aware of the basic tax rules: In most cases,…
Year-End Tax Tips for Small Businesses
There’s still time before the end of this year to execute a few strategies to reduce your 2021 tax liability. Here are a few ideas: Take advantage of bonus depreciation.…
Tax Breaks Small Businesses Should Consider
It may seem premature, but it’s never too early to start tax planning for small businesses. Here are three tax breaks to consider. 1. Claim bonus depreciation or a Section…
Important Tax Figures for 2021
The following table provides some important federal tax information for 2021, as compared with 2020. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social…
Small businesses: Cash in on depreciation tax savers
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you…
2020 Year-End Tax Planning Ideas for Small Businesses
Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years.…
Business Vehicle Purchases: What Is Deductible for 2020?
Purchases of new and used business vehicles may qualify for tax breaks under current tax law. If you need a new vehicle to use for business purposes, review these details…
Numerous tax limits affecting businesses have increased for 2020
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your…
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…
TCJA glitches: Lessons learned this tax season and more uncertainty to come
Many taxpayers (and accountants) are astonished by the errors in the Tax Cuts and Jobs Act (TCJA) and find themselves wondering when legislative fixes will be put in place. Adding…