First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more generous, but temporary, rules for 2018 through 2026. Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here's what you [...]
Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details. First-Year Depreciation Breaks The Tax Cuts and Jobs Act (TCJA) allows unlimited 100% first-year bonus depreciation for qualifying new and used assets (including eligible vehicles) that are [...]
When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as [...]
Californians are no stranger to disaster. We encounter fires, earthquakes, mudslides, and more, on a seemingly consistent basis. But the wide-spread devastation brought by this month’s fires has been unprecedented. The fires throughout the state have destroyed thousands of homes, and left even more people displaced while their homes are in danger, or while infrastructure [...]
Today many taxpayers earn income in states other than the ones where they reside, which can lead to tax liability in multiple jurisdictions. With laws differing from state to state, determining how much tax is owed in each jurisdiction can be complicated. In a highly anticipated decision, the U.S. Supreme Court has struck down a Maryland tax structure that it found unconstitutionally subjected state residents to double taxation on income earned in other states. This article details the Court’s ruling and how it may affect other states and jurisdictions.
Real estate markets have rebounded to near pre-recession levels. This is good news, but as property values increase, so do potential taxable gains that would be realized when selling property.
Business owners have lots of questions when it comes to deciding whether to expense costs or capitalize fixed assets, such as: Can I expense a laptop computer that I purchased for $699 in the current year? What qualifies as standby emergency spare parts, and can I capitalize them for tax purposes? Can I use the [...]
You map out the most direct route to your client’s office with your navigation system. You use your hands-free cell phone to make business calls on the way to your meeting. You are prepared with samples of your product in your trunk. In short, your car is your mobile office…It’s also a tax deduction. Here’s [...]
Confused about managing paperwork? Here are some tips that will help you keep what’s important and toss what you no longer need. 1. Tax Records Keep tax records for at least seven years. Tax records include copies of income tax returns, documents supporting your reported income and deductions (W-2s, 1099s, receipts for claimed deductions, etc.) [...]
Generous tax credits resulting from energy-saving purchases are still available to many taxpayers. Home Upgrades and Appliances On the low end of the spectrum, homeowners can receive a tax credit equal to 10% of the cost to upgrade their windows, doors, and other energy efficient household items. On a grander scale, you can receive a [...]