Tax Planning and Compliance
You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year.
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Expanding nationally isn’t just for large corporations anymore; small businesses are finding it easier than ever to cross state lines and widen their markets with the popularity of e-commerce and increasing efficiency of reaching far-away customers.
The IRS has updated the standard mileage rates that will go into effect at the beginning of 2017. The standard mileage rate for business use will drop by half a cent to 53.5 cents per mile. The standard rate for medical and moving mileage will be 17 cents per mile in 2017. This is a two-cent decrease from 2016. The standard mileage rate for charitable services use is set statutorily at 14 cents per mile.
One of the many provisions in the Tangible Property (aka Repair) Regulations that went into effect in 2014 is a de minimis expensing election, which allows taxpayers to deduct otherwise capitalizable costs related to tangible property. For taxpayers with an "applicable financial statement" (generally, audited financials) and a written capitalization policy, this de minimis safe harbor can be up to $5,000. For taxpayers without an applicable financial statement, the limit was $500.
An Internal Revenue Code Section 1031 exchange is an IRS authorized process where like-kind business or investment property is exchanged without immediate tax consequences.
ACA Compliance for Employers Fact Sheet
Contact us today to discuss the ACA and any other questions you may have about your company's finances and taxes.
If you’re considering donating a property to charity, here are three potential tax traps you need to be aware of:
A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer — and in some cases permanently reduce — your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum tax (AMT). This is a separate tax system that limits some deductions and doesn’t permit others. Here are some deductions that can be AMT triggers:
As year-end approaches, tax planning becomes a higher priority for a number of taxpayers. For many, accelerated deductions for capital equipment purchases can dramatically impact their tax situation and influence the timing of their purchases. Determining the tax implications of these purchases is full of uncertainty due to Congress’ inaction surrounding accelerated depreciation methods known as Section 179 and “bonus depreciation”.