Tag: Tax Cuts and Jobs Act

  • Get Your Piece of the Depreciation Pie with a Cost Segregation Study

    Get Your Piece of the Depreciation Pie with a Cost Segregation Study

    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 taxes and boosting cash flow. And under current law, the potential benefits of a cost…

  • Small Businesses: Cash in on Depreciation Tax Savers

    Small Businesses: Cash in on Depreciation Tax Savers

    As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate…

  • Can You Deduct Charitable Gifts on Your Tax Return?

    Can You Deduct Charitable Gifts on Your Tax Return?

    Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are…

  • Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks

    Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks

    With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your…

  • Expenses that Teachers Can and Can’t Deduct on Their Tax Returns

    Expenses that Teachers Can and Can’t Deduct on Their Tax Returns

    As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off. For 2019, qualifying educators can deduct some…

  • The “Kiddie Tax” Hurts Families More Than Ever

    The “Kiddie Tax” Hurts Families More Than Ever

    Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it’s worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made changes to…

  • It’s a Good Time to Buy Business Equipment and Other Depreciable Property

    It’s a Good Time to Buy Business Equipment and Other Depreciable Property

    There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Even better, the…

  • Volunteering for Charity: Do You Get a Tax Break?

    Volunteering for Charity: Do You Get a Tax Break?

    If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may…

  • Buy vs. Lease: Business Equipment Edition

    Buy vs. Lease: Business Equipment Edition

    Life presents us with many choices: paper or plastic, chocolate or vanilla, regular or decaf. For businesses, a common conundrum is buy or lease. You’ve probably faced this decision when considering office space or a location for your company’s production facilities. But the buy vs. lease quandary also comes into play with equipment. Pride of…