Business owned Property

The new law includes favorable changes for depreciating eligible assets

Assets, Business owned Property, Depreciable Business Equipment, Depreciation, Depreciation Deduction (Section 179), One, Big, Beautiful Bill Act, Qualified Improvement Property (QIP), Small Business, Small Business Owners, Small Business Tax Tips, Software / Douglas Freeman

The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired […]

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The tax mechanics involved in the sale of trade or business property

Business Income Tax, Business owned Property, Capital Gains, Federal Income Tax, Ordinary Income Tax, Tax Planning / Douglas Freeman

There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. (There are different rules for property held primarily

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