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Douglas Freeman

Make sure repairs to tangible property were actually repairs before you deduct the cost

Buildings, Depreciation, Exemptions, Repairs and Maintenance, Safe Habor, Small Business, Tangible Property Deductions, Tax Credits, Tax Deduction /

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible […]

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Size of charitable deductions depends on many factors

Charitable, Donations, Federal Income Tax, Income Tax, Individual Income Tax, Small Business /

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift. One of the biggest factors affecting your deduction is what you give: Cash. You may

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2017 tax filing deadline for pass-through entities is March 15

2017 Tax Dealine, Federal Income Tax, Income Tax, LLC, Past-Through Entities, S Corporation /

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for

2017 tax filing deadline for pass-through entities is March 15 Read More »

What’s your mileage deduction?

2018 Mileage Deduction, Business Mileage, Charitable Mileage Deduction, Tax /

Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical, moving and charitable purposes. For 2018, there are significant changes to some of these

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Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

Income Tax, Real Estate, Small Business, Tax, Tax Credits, Tax Savings /

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly

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