5 Key Points About Bonus Depreciation

You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. Bonus depreciation is [...]

By |2020-08-31T17:04:21-04:00August 31st, 2020|Categories: Blog, Tax|Tags: , , , , , , |Comments Off on 5 Key Points About Bonus Depreciation

CARES Act Made Changes To Excess Business Losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an [...]

By |2020-08-26T13:51:38-04:00August 26th, 2020|Categories: Blog, Tax|Tags: , , , , , , , |Comments Off on CARES Act Made Changes To Excess Business Losses

Depreciation-Related Breaks on Business Real Estate: What you Need to Know When you File Your 2018 Return

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be [...]

By |2019-11-11T20:13:14-05:00January 28th, 2019|Categories: Blog|Tags: |Comments Off on Depreciation-Related Breaks on Business Real Estate: What you Need to Know When you File Your 2018 Return

Cash vs. Accrual Reporting: Which is Right for your Business?

Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with U.S. Generally Accepted Accounting Principles (GAAP). Starting this tax year, the Tax Cuts [...]

By |2020-01-06T18:53:08-05:00September 21st, 2018|Categories: Blog, Small Business Services, Tax|Tags: |Comments Off on Cash vs. Accrual Reporting: Which is Right for your Business?

Change in Accounting Method Considerations Under the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act provides a number of opportunities that may benefit small businesses. Taxpayers with gross receipts at or below the newly established requirements may be eligible for an automatic change to certain accounting methods. These include [...]

By |2018-07-27T14:38:06-04:00July 27th, 2018|Categories: Anna Baker, Blog, Tax|Tags: , , , , , |Comments Off on Change in Accounting Method Considerations Under the Tax Cuts and Jobs Act

Close-up on the new QBI deduction’s wage limit

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, [...]

By |2018-07-17T14:55:10-04:00July 17th, 2018|Categories: Blog, Tax|Tags: , , , |Comments Off on Close-up on the new QBI deduction’s wage limit

Choosing the best business entity structure post-TCJA

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. [...]

By |2018-06-25T20:05:28-04:00June 25th, 2018|Categories: Blog, Tax|Tags: , , , |Comments Off on Choosing the best business entity structure post-TCJA

Putting your child on your business’s payroll for the summer may make more tax sense than ever

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever [...]

By |2018-07-10T17:51:26-04:00May 29th, 2018|Categories: Blog, Tax|Tags: , , , , |Comments Off on Putting your child on your business’s payroll for the summer may make more tax sense than ever

A Review of Significant TCJA Provisions Affecting Small Businesses

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may [...]

By |2018-05-08T14:41:22-04:00May 8th, 2018|Categories: Blog, Tax|Tags: , , , |Comments Off on A Review of Significant TCJA Provisions Affecting Small Businesses