If you’re looking at purchasing equipment or supplies or paying vendors, do it before December 31st to maximize your tax savings. Also, wait til after December 31st before sending out invoices!! ... See MoreSee Less
The Internal Revenue Service today reminded small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service.
The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. Among those for business owners are tax rate changes for pass-through entities, changes to the cash accounting method for some, limits on certain deductions and more. ... See MoreSee Less