Tag: Deduction

Business losses can happen, whether you're operating a new company that hasn't yet earned a profit or a mature business that's been squeezed by today's volatile economy. While no one likes to lose money, the Read More

It's time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond. Read More

Most people already understand the tax rules for individual charitable donations, including generous deductions that may be available to itemizers when they give cash or property to charity. But your business may also reap tax Read More

Does your manufacturing company need to acquire new equipment to meet demand? Fortunately, there's a tax break that can help: the Section 179 deduction. It allows you to deduct this year the cost of qualifying Read More

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren't available for larger entities. Here are three examples to consider as you file your tax return Read More

First-year bonus depreciation typically creates a powerful tax incentive for eligible manufacturers to purchase qualified property needed for business reasons. These tax write-offs can benefit a manufacturer's cash flow, but claiming them isn't always the Read More

Since the qualified business income (QBI) deduction first become available in 2018, things have changed dramatically, mainly due to the various effects of the COVID-19 pandemic. Possible tax rate increases and inflation have also entered Read More

The IRS is planning to crack down on tax evasion to help fund the Biden administration's ambitious economic agenda. Specifically, the White House hopes to generate approximately $700 billion in tax revenue over the next Read More

If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of running a business for Read More