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...
by Joan Buchman Miller | Oct 18, 2021 | Accounting, depreciaion
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing...
by Joan Buchman Miller | Sep 20, 2021 | depreciaion, tax planning, Uncategorized
If you use an automobile in your trade or business, you may wonder 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) can result...
by Joan Buchman Miller | Nov 19, 2018 | depreciaion, income tax, tax planning
Bonus depreciation may be claimed for used property. The TCJA boosted the first-year bonus depreciation allowance from 50% to 100% for qualified property acquired and placed in service after Sept. 27, 2017 and before Jan. 1, 2023. That means a business can write off...
by Joan Buchman Miller | Feb 5, 2018 | depreciaion, income tax, tax planning
Today we highlight a few of the tax changes that apply in 2018 to businesses. Corporate tax rate reduced. For tax years beginning after Dec. 31, 2017, the corporate tax rate is a flat 21% rate. Dividends received deduction percentages reduced. For tax years beginning...
by Joan Buchman Miller | Jul 25, 2017 | depreciaion, income tax, Uncategorized
The IRS limits the annual depreciation and expensing deductions for the majority of automobiles to specific dollar amounts. These amounts are inflation-adjusted each year. For autos (not trucks or vans) first placed in service during 2017, the dollar limit for the...
