With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher....
Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep an eye on legislative developments as...
On October 12, an executive order was signed that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your employees to help fund their health care expenses. Also available are...
Currently, a valuable income tax deduction related to real estate is for depreciation, but the depreciation period for such property is long and the land itself isn’t depreciable. Whether real estate is occupied by your business or rented out, here’s how you can...
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper...
Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year if Congress...
Updated travel per diem rates go into effect October 1. To simplify recordkeeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. Per diem advantages As long as employees properly account for...
If you acquire a small business, your to-do list will be long. This means you cannot devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative tax consequences can be serious. To...
When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code. A recent U.S. Tax Court ruling could ultimately mean...
If your small business does not have a retirement plan, or if you are not pleased with the one you currently have, this summary can help you see how your retirement plan choices stack up. Safe harbor 401(k)s As 401(k) plans have gained popularity, many employees or...
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