Category: Tax Deductions

TAX CUTS AND JOBS ACT (TCJA) – PART 2

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,

TAX CUTS AND JOBS ACT (TCJA)

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

Important Changes Regarding 2018 Business Deductions

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

The Ins and Outs of Depreciation

Business depreciation is an income tax deduction that allows small business owners to recover losses from property. Knowing how to claim depreciation, what the IRS requires, and the best ways to file can help save your business money come tax

Tax Deductions for your Small Business

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

Important Changes Regarding 2014 Deductions

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