Okay, so you took the big Section 179 expensing deduction on your vehicle. How do you keep it? You might wonder: What do we mean by “keep it”? In tax law, there’s no free lunch. The Section 179 deduction comes with “recapture strings” attached. When you claim your...
How do you avoid losing money by making the wrong choice? You may not have considered the choices you have for deducting the assets that you buy for your business. Example To create some perspective, let’s say you have seven employees who now work at least two...
It’s time to examine your existing cars, SUVs, trucks, and vans for some profitable year-end business tax deductions. Your first step is to identify your gain or loss on sale. Once you have the gain or loss, know these basic rules: • Gains attributable to depreciation...
The TCJA made two changes that mean 100 percent bonus depreciation is available on the vehicle you lease and then purchase, regardless of whether you purchase it during the lease term or at the end of the lease. The two technical reasons you can do this are as...
Your year-end tax planning doesn’t have to be hard. Outlined below are four strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2019 expenses right now reduces your taxes this...
