Did You Repair Your Business Property or Improve It?
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can providebusinesses a valuable current tax deduction — as long as the so-called repairs weren’tactually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deductedon the current year’s income tax return. But costs incurred to improve tangible property mustbe capitalized […]
Cost Segregation Study
Businesses that acquire, construct, or substantially improve a building — or did so in previous years — should consider a cost segregation study. These studies combine accounting and engineering techniques to identify building costs that are properly allocable to the tangible personal property rather than real property. This may allow you to accelerate depreciation deductions, […]
Client Memo – IRS Warns of Phone Scams
We would like to bring to your attention a recent warning issued by the IRS about a phone scam that targets people across the nation. Callers claiming to be from the IRS would tell intended victims that they owe taxes and must pay using a pre-paid debit card or wire transfer. The scammers threaten those […]
Meal, Travel & Entertainment Expenses: Know What’s Deductible & Properly Substantiate
When owners, managers, and salespeople attend trade shows, call on customers or evaluate suppliers, they may incur meal, travel, and entertainment expenses. Many of these expenses may be deductible if they’re properly substantiated, but some of the rules have changed under the Tax Cuts and Jobs Act (TCJA). Entertainment Expenses No Longer Deductible “Entertainment” expenses […]
Independent Contractors
Many employers mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as the contractors satisfy all of their tax obligations. This couldn’t be further from the truth. Improper classification of workers comes at a high cost, and both federal and state authorities have been cracking down on the practice […]
Taxable vs. Tax-Advantaged: Where to hold investments
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s, or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in taxable accounts. Know The Rules Some investments, such as fast-growing stocks, can generate substantial capital gains. These […]
Dynasty Trust
The Tax Cuts and Jobs Act (TCJA) signed into law this past December affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts. Exemption changes For the estates of persons dying and gifts made after December 31, 2017 and before January […]
Identity Theft
Tax returns are a prime target for identity thieves. After all, the IRS processes billions of dollars in tax refunds every year, and criminals follow the money. A thief needs little more than your name and Social Security number (SSN) to file a fraudulent tax return and pocket the refund. Then, when you attempt to […]
