Do you own commercial and/or residential rental property? If you do, the recent Tax Cuts and Jobs Act provides some extremely nice benefits for you. For starters, qualified businesses income from your rental creates a possible twenty-percent tax deduction… and without any effort on your part. Plus, if you want to earn taxable income, the new law gives you enhanced bonus … [Read more...]
Depreciation
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Tax Reform Allows Bigger, Faster Business Car Deductions
If you bought a car in 2017 that cost over $15,800, Uncle Sam considered it to be a luxury car and put a lid on your depreciation. For example, if you bought a $40,000 vehicle and drove it 100% for business, your maximum depreciation deductions for the first five years would total just $15,060. And to fully depreciate the car would take nineteen years. Ridiculous! Well, … [Read more...]
Create Extra Cash by Using Depreciable Antiques in Your Business
Looking for an end-of-year tax break that can put big money in your pocket? Buy antiques you can use in your business. Why is this a smart move? Because you can depreciate or even Section 179 expense them. And you can benefit by creating tax-favored, long-term capital gains. That’s right. You can buy a desk, clock, rug, cabinet, bookcase, paperweight, conference table, … [Read more...]
Four “safe harbor” steps to take now!
Don’t wait! Now is the time to put your 2018 safe harbor de minimis expensing election in place. Why is it so important to act promptly? Because making the safe harbor election in 2017 for 2018 can save you a lot of money and make your life much easier. You see, the safe harbor election eliminates the burden of: Tracking small dollar-cost assets Depreciating and/or … [Read more...]
Fix those depreciation errors now!
It’s a sad fact … Many taxpayers don’t realize that depreciation is a very valuable and often misused (or mistakenly computed) tax deduction. If you failed to use depreciation rules the right way, you could be losing thousands of dollars that should be in your pocket. What can you do to fix depreciation errors you might have made in the past? Plenty. If you want to … [Read more...]