3 Basic Strategies for Reducing Your Taxes
The goal of tax planning is to arrange your financial affairs so as to minimize your taxes. There are three basic ways to reduce your taxes. Source: 3 Basic Strategies for Reducing Your Taxes
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S Corp Employment Taxes | Avoid Double Taxation
Learn how to avoid double taxation and lower your employment tax liability by forming an S corporation. Source: S Corp Employment Taxes | Avoid Double Taxation
What Is the IRS Depreciation Schedule for Commercial Real Estate?
What Is the IRS Depreciation Schedule for Commercial Real Estate? Commercial real estate is an asset qualifying for depreciation. It cannot be expensed as an ordinary method of write-off. However, in 2011, the US Congress passed legislation that allowed for 100% bonus depreciation on commercial real estate. In effect, this allowed for full expensing of…
Income Tax Deduction and Other Tax Benefits
Donor advised funds (DAFs) provide an immediate income tax deduction as well as four other tax benefits. Source: Income Tax Deduction and Other Tax Benefits from Donor Advised Funds
What are the new Tangible Property Regulations?
What are the new tangible property regulations? Many of you know, and just as many don’t know, there are new tangible property regulations. The IRS has been working on these tangible property regulations over 4 years. They were finalized and enacted last January, 2014, just to be rescinded last fall. In effect, the accounting community…
What is Accelerated Depreciation?
What is accelerated depreciation? Well, in layman’s terms, it is the depreciation of fixed assets at a faster rate early in their useful lives. Accelerated depreciation reduces the amount of taxable income in the early stages of asset life. The result is, tax liabilities are deferred. The net effect of accelerated depreciation is the company…
CPA Ecstatic with Cost Segregation Results!
CPA is ecstatic with cost segregation results for her office! We have worked with Chandler & Knowles, CPAs, for many years and recently completed a cost segregation study on their corporate offices in Flower Mound, Texas. After providing the CPAs with our free benchmark estimate, our analysis showed about $20,000 in federal income tax credit.…
Cost Segregation and the IRS
Cost segregation and the IRS are likened to your hand fitting into your glove…snugly. Cost segregation actually came about as a result of Hospital Corporation of America suing the IRS…and winning! The Supreme Court of the United States heard arguments from opposing counsel and ruled that there are building components qualifying for shorter depreciation periods…5-years,…
Affordable Care Act – How Obamacare Affects You
Affordable Care Act – How Obamacare Affects You Beginning April 1, 2014, the Individual Shared Responsibility provision (aka the Individual Mandate, aka Obamacare) of the Affordable Care Act calls for each applicable individual to either buy minimum essential health coverage or pay a penalty when filing their federal tax return. However, many of those who…
Repair Capitalization Regulations 2014
IRS Repair and Capitalization Regulations 2014…how do they affect me? IRS Repair and Capitalization Regulations for 2014 The IRS has released much-anticipated final “repair” regulations (T.D. 9636). These fall under IRC § 162(a) and § 263(a). The new Repair Capitalization regs govern when taxpayers must capitalize and when they can deduct their expenses for acquiring,…
