Important Tax Changes for Individuals and Businesses
Posted on January 5th, 2021
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Read More…
Tags: Deductions, Depreciation, Foreign Income, Health Care, Tax Law Changes
Business Tax Provisions: The Year in Review
Posted on December 6th, 2020
Here’s what business owners need to know about tax changes for 2020.
Standard Mileage Rates
The standard mileage rate in 2020 is 57.5 cents per business mile driven.
Health Care Tax Credit for Small Businesses
Small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit as long as they employ fewer than the equivalent of 25 full-time workers and average annual wages do not exceed $50,000 (adjusted annually for inflation). This amount is $55,200 for 2020 returns. Read More…
Tags: Deductions, Depreciation, Health Care, Tax Credits, Tax Planning, Travel
Final Regulations for 100 Percent Bonus Depreciation
Posted on October 3rd, 2020
Final regulations have been issued by the Treasury Department and the Internal Revenue Service implementing the 100% additional first-year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business. Read More…
Tags: Depreciation, Tax Law
New Rules for Depreciation and Expensing of Qualified Property
Posted on March 1st, 2020
As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner, they could affect your tax situation. Let’s take a closer look: Read More…
Tags: Depreciation, Expenses, Tax Law
Safe Harbor for First Year Passenger Auto Depreciation
Posted on March 5th, 2019
Under the Tax Cuts and Jobs Act (TCJA), there is an additional first-year depreciation deduction that applies to qualified property, including passenger automobiles, acquired and placed in service after September 27, 2017, and before January 1, 2027.
Read More…Tags: Deductions, Depreciation, Tax Law Changes