On February 18, 2021, Governor Evers signed a bill (AB-2) that will conform the State to Federal tax treatment of forgiven PPP loans, among other provisions. What that means is, if it is an eligible expense on the Federal tax return, then it is treated the same on the State tax return. You are now free to categorize your expenses paid with PPP funds as business expenses.
Taxes are an inevitable part of running any business and, as a small business owner, you may find yourself with questions regarding your business’s tax filing. Knowing how to prepare in advance of your tax filing day can ensure you …
This helpful guide outlines the basics of what you need to know about self-employed tax deductions and how to save money when it comes to tax season.
SECTION 199A DEDUCTION (from Form 1040 #1 in Part 1) Section 199A Deduction also known as the Qualified Business Income Deduction arises from the Tax Cuts and Jobs Act of 2017. This new provision allows many owners of sole proprietorships, …
The Tax Cuts and Jobs Act (TCJA) was passed on December 20, 2017. It amended the Internal Revenue Code of 1986. Many of these changes will be in effect until December 31, 2025 unless extended by Congress. Listed below is …
Section 179: Equipment and property depreciation deduction Effective in the year 2018, the maximum amount you can elect to deduct for most section 179 property placed in service in the year 2018 is $1,000,000. Computers and Related Peripheral Equipment Computers …
Important Changes Regarding 2018 Business Deductions Read more »
Learn about depreciation and how to file a depreciation deduction on your small business tax return.
For a small business, claiming deductions can help decrease the amount of taxes paid out each year. Listed below are a few expenses entrepreneurs can take advantage of when it’s time to file. Auto Expenses Whether your company owns …
Effective in the year 2014, businesses are limited to only a $25,000 equipment expense deduction. In 2013, this limit was $500,000 for equipment. Section 179: Equipment and property depreciation deduction Additionally, Qualified leasehold improvements, qualified restaurant and retail improvements can be …