When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment …
A Net Operating Loss (NOL) isn’t all that bad! Continue reading »
With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically, taking this break is beneficial. But in certain situations, your business might save more tax long-term by …
Huge tax shelter for Businesses- Bonus Depreciation Continue reading »
When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for …
The Tax Cut & Jobs Act affords a much greater deduction for business use of automobiles than under the previous MACRS depreciation under the old law. Basically for a vehicle used 100% for business the depreciation deduction is now $49,360 over 4 years, (including bonus depreciation) where as under MACRS the deduction was $21,185. That …
Luxury Auto Depreciation under the TCJA (Tax Cut & Jobs Act) Continue reading »
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. …
The repeal of the Individual Mandate (requirement to purchase medical insurance) is effective for months beginning after December 31, 2018. Therefore insurance will be required for 2018 without having to pay the penalty. The bill also retains the medical expense deduction, which allows taxpayers to deduct medical expenses that exceed 10% of their income. …
Topics not discussed in the weekend’s papers included in the conference agreement Continue reading »