March 2019

Vehicle-expense deduction ins and outs for individual taxpayers

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through […]

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Will leasing equipment or buying it be more tax efficient for your business?

Equipment, Leasing, Section 179, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning / Douglas Freeman

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy them. Pros and cons of leasing. From a cash flow perspective, leasing can be more

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