Tag: bonus depreciation
Mid-year Tax Planning for Small Businesses and Owners
Summer isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes to current federal tax laws at least through 2024. 1. Establish a Tax-Favored Retirement Plan If your business doesn’t already have a retirement plan, now might be the time to take the plunge. Current rules allow for significant annual deductible… Read more ›
Businesses: Act Now to Make the Most Out of Bonus Depreciation
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation has been available in varying amounts for some time. Immediately prior to the passage of the TCJA, for example, taxpayers generally could claim a depreciation deduction… Read more ›