There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA).
Marty Williams, CPA
Recent Posts
It's a Good Time to Buy Business Equipment and Other Depreciable Property
Posted by Marty Williams, CPA on Jul 16, 2019
Posted in Business Tax
Tax-smart Domestic Travel: Combining Business With Pleasure
Posted by Marty Williams, CPA on Jun 19, 2019
Summer has just begun, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you might not qualify for the write-offs you’re expecting.
Posted in Business Tax
Consider a Roth 401(k) Plan - and Make Sure Employees Use It
Posted by Marty Williams, CPA on May 13, 2019
Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k)s are now available at 70% of employer plans, up from 55.6% of plans in 2016.
Posted in Business Advisory
Deducting Business Meal Expenses Under Today's Tax Rules
Posted by Marty Williams, CPA on Apr 22, 2019
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors, and employees. What can you deduct on your tax return for these expenses? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some valuable write-offs.
Posted in Business Tax
The Home Office Deduction: Actual Expenses vs. the Simplified Method
Posted by Marty Williams, CPA on Feb 21, 2019
If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. There are now two methods for claiming this deduction: the actual expenses method and the simplified method.
Posted in Business Tax
Higher Mileage Rate May Mean Larger Tax Deductions For Business Miles in 2019
Posted by Marty Williams, CPA on Jan 18, 2019
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018.
Posted in Business Tax
The U.S. population is aging and, as it does, the need for long-term support and services will only grow. According to a 2017 fact sheet from the AARP Public Policy Institute, on average, 52% of people who turn 65 today will develop a severe disability that will require long-term care (LTC) at some point. For this reason, among others, employers should consider offering LTC insurance as a fringe benefit.
Posted in Payroll, HR & Benefits
When Holiday Gifts and Parties are Deductible or Taxable
Posted by Marty Williams, CPA on Nov 27, 2018
The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules.
Posted in Business Tax
For certain employers, particularly small businesses, introducing a retirement plan for employees may seem like a daunting task. The company owner may feel that providing a full-blown 401(k) plan is his or her only choice, but that’s far from true.
Posted in Business Advisory
One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business.
Posted in Business Advisory