by Joan Buchman Miller | Nov 28, 2023 | Accounting, depreciaion, tax planning
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income If your business operates on a cash basis,... 
by Joan Buchman Miller | Nov 13, 2023 | Accounting, depreciaion, tax planning
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes... 
by Joan Buchman Miller | Oct 16, 2023 | depreciaion, tax planning
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs)... 
by Joan Buchman Miller | Sep 5, 2023 | Accounting, depreciaion, tax planning
Update on depreciating business assets The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the... 
by Joan Buchman Miller | Jun 12, 2023 | Accounting, depreciaion, tax planning
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property For qualifying assets... 
by Joan Buchman Miller | Feb 27, 2023 | Accounting, depreciaion, tax planning
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax...