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Business Equipment

Business website expenses: How they’re handled for tax purposes

Business Equipment, Business Expenses, Depreciable Business Equipment, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to […]

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Update on depreciating business assets

Assets, Business Deductions, Business Equipment, Depreciation Deduction (Section 179), Qualified Business Income Deducton (QBI), Small Business, Small Business Owners, Small Business Tax Tips, Tax Cuts and Job Acts (TCJA) /

Update on depreciating business assets C The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know. Section 179 deductions. For

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Buying a new business vehicle? A heavy SUV is a tax-smart choice

Business Deductions, Business Equipment, Business Expenses, Business Vehicle, Depreciation, Depreciation Deduction (Section 179), Vechicle /

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes. Depreciation rules. Business cars are

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How to treat business website costs for tax purposes

Business Equipment, Business Expenses, Depreciation Deduction (Section 179), Small Business, Website Development Tax Deductions /

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs. Plus, businesses can turn to

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Need a new business vehicle? Consider a heavy SUV

Business Equipment, Business Expenses, Tax Deduction, Tax Planning, Tax Savings, Vehicle Expenses /

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation. Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired

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Small businesses: Cash in on depreciation tax savers

Business Deductions, Business Equipment, Business Income Tax, Depreciation Deduction (Section 179), Small Business, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Savings /

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate

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Reinforce protection of your company’s mobile devices

Business Equipment, Business Technology, Data Breach, Employees, Equipment, Small Business /

Whether it’s a smartphone, tablet, or laptop, mobile devices have become the constant companions of today’s employees. And this relationship has only been further cemented by the COVID-19 pandemic, which has thousands working from home or other remote locations. From a productivity standpoint, this is a good thing. So many tasks that once kept employees

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Do you run your business from home? You might be eligible for home office deductions

Business Deductions, Business Equipment, Business Expenses, Business Income Tax, Business Mileage, Business Plan, Deductions, Federal Income Tax, Home Office Deduction, Income Tax, Small Business /

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture

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Small Businesses: It may not be not too late to cut your 2019 taxes

Assets, Business Deductions, Business Equipment, Business Income Tax, Deductions, Equipment, Federal Income Tax, Federal Tax Deductions, Simplified Employee Pension (SEP), Small Business, Tax Planning /

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including 1. Buying assets. Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy it and place it in

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2 valuable year-end tax-saving tools for your business

Business Deductions, Business Equipment, Business Income Tax, Depreciation, Depreciation Deduction (Section 179), Section 179, Tax, Tax Deduction, Tax Planning /

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible machinery, equipment, furniture or

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