Tag: property

  • Paperwork You Can Toss After Filing Your Tax Return

    Paperwork You Can Toss After Filing Your Tax Return

    Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely. But…

  • 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…

  • Why It’s Important to Plan for Income Taxes as Part of Your Estate Plan

    Why It’s Important to Plan for Income Taxes as Part of Your Estate Plan

    As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted…

  • The 2019 Gift Tax Return Deadline Is Coming Up

    The 2019 Gift Tax Return Deadline Is Coming Up

    If you made large gifts to your children, grandchildren, or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file…

  • 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…

  • Depreciation-Related Breaks on Business Real Estate

    Depreciation-Related Breaks on Business Real Estate

    Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by…

  • Does Prepaying Property Taxes Make Sense Anymore?

    Does Prepaying Property Taxes Make Sense Anymore?

    Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But…

  • Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability

    Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability

    The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability…

  • Consider All Tax Consequences Before Making Gifts to Loved Ones

    Consider All Tax Consequences Before Making Gifts to Loved Ones

    Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple…

  • Are You Ready to Expand to a Second Location?

    Are You Ready to Expand to a Second Location?

    Most business owners want to grow their companies. And one surefire sign of growth is when ownership believes the company can expand its operations to a second location. If your business has reached this point, or is nearing it, both congratulations and caution are in order. You’ve clearly done a great job with growth, but…