Jan 29, 2019 | Firm Updates, Small Business, Tax Tips
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 is not depreciable.) But special tax breaks that allow deductions to be taken...
Nov 6, 2018 | Firm Updates, Small Business, Tax Tips
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...
Mar 1, 2018 | Firm Updates, Small Business, Tax Tips
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA),...
Nov 28, 2016 | Firm Updates, Small Business
In order to take advantage of two important depreciation tax breaks for business assets, you must place the assets in service by the end of the tax year. So you still have time to act for 2016. Section 179 deduction The Sec. 179 deduction is valuable because it allows...