September is a great month to start implementing tax planning strategies that could reduce your small business taxes for this year and next. For the majority of businesses, the traditional year-end tax planning strategy of deferring income and accelerating deductions to minimize taxes will probably yield the most significant results. In addition, owners should consider
Don’t let the holiday season keep you from taking important steps to reduce your small business taxes in 2021. Here are 3 tips.
What is asset depreciation? Let’s start with the basics: what is asset depreciation? First, the IRS definition: “Depreciation is the recovery of the cost of the property over a number of years. You deduct a part of the cost every year until you fully recover its cost.” In layman’s terms, depreciation reduces a company’s tax
Tax benefits that aren’t available to larger businesses may be available to your small business. Here are some examples of tax deductions for small businesses.
If your business is successful and you do a lot of business travel, you may have considered buying a company plane. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules.
Whatever your business’s situation, taking full advantage of available tax breaks for small businesses — including temporary relief in response to the crisis — is critical.
This week is National Small Business Week! To commemorate the week, here are three tax breaks for small businesses to consider.
Are you considering buying or replacing a vehicle that you’ll use in your business? You may be able to benefit from lucrative tax rules for heavy SUVs.
Construction companies need to make the most of depreciation deductions that can reduce their tax bills.
You may benefit from the Section 179 depreciation tax deduction for business property if your business needs to buy equipment and other depreciable property.