Businesses that acquire, construct or perform capital improvements to buildings could find additional deduction benefits through a cost segregation study. It is a strategic tool to accelerate depreciation expense. Combining tax accounting and engineering techniques allows the acceleration of certain depreciation costs, therefore reducing tax...
IRS Guidance Issued Regarding Meals and Entertainment Deductions The IRS has issued some much-anticipated guidance on Section 274, which was significantly impacted by of the Tax Cuts and Jobs Act of 2017 (Tax Act), addressing meals and entertainment deductions. Significant tax law changes are affecting which...
In the Tax Cuts and Jobs Act of 2017 (Tax Act), changes to business taxation are considerable and comprehensive. Because many of our clients are structured as pass-through entities and small businesses, we wanted to address several of the most significant changes for 2018 tax...
If your 2015 tax liability is higher than you’d hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get started. Giving away assets will, of course, help reduce the size of your taxable estate. But with...
Mar 8, 2017 Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven...
Dec 8, 2016 You may be aware of the rule that allows businesses to deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year (by March 15 for a calendar-year company). But this...
Nov 22, 2016 A brief overview of the President-elect’s tax plan for individuals Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect...
Sep 2, 2016 Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million...
Aug 30, 2016 If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs to and from the location of your business activity are...
Jul 12, 2016 The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these...