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Qualified Improvement Property (QIP)

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 /

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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Understanding taxes on real estate gains

(LTCG) Net Long-Term Capital Gain, (NIIT) Net Investment Income Tax, Past-Through Entities, Qualified Improvement Property (QIP), Real Estate /

Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a pass-through entity such as an LLC, partnership or S corporation. You may expect to pay Uncle Sam the standard 15% or 20%

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Advantages and disadvantages of claiming big first-year real estate depreciation deductions

(NIIT) Net Investment Income Tax, Depreciation, Depreciation Deduction (Section 179), LLC, Past-Through Entities, Qualified Improvement Property (QIP), Real Estate, Small Business, Small Business Tax Tips /

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property. For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section

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Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill

(ATI) Adjusted Taxable Income, (CARES ACT), COVID-19, Depreciation, Net Operating Loss (NOL), Qualified Improvement Property (QIP), Small Business, Tax Cuts and Job Acts (TCJA) /

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief. The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier

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New COVID-19 law makes favorable changes to “qualified improvement property”

(CARES ACT), Business Deductions, Business Income Tax, Coronavirus Aid (CARES Act), Deductions, Depreciation, Internal Revenue Service (IRS), Qualified Improvement Property (QIP) /

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December

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