Depreciation Tax Breaks – DougFreemanCPA.com

To maximize — or not to maximize — depreciation deductions on your 2025 tax return

The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some decisions you can make when filing your return that can save taxes now or in the future. One such decision is whether to claim accelerated depreciation […]

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Increase your current business deductions under tangible property safe harbors

Leave a Comment / 2025 Tax Return, Depreciable Business Equipment, Section 179, Small Business, Small Business Owners, Small Business Tips, Tangible Property Deductions, Tax Return / Douglas Freeman

Did your business make repairs to tangible property, such as buildings, equipment or vehicles, in 2025? Such costs may be fully deductible on your 2025 income tax return — if they weren’t actually for “improvements” that must be depreciated over a period of years. Betterment, restoration or adaptation In general, a cost that results in

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Three tax breaks for small businesses

C Corporation, Cash Method of Accounting, Federal Income Tax, LLC, Past-Through Entities, Qualified Business Income Deducton (QBI), S Corporation, Section 179, Shareholder, Small Business, Sole Proprietors, Tax, Tax Deduction / Douglas Freeman

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction. For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts, and estates. But it’s not available to C corporations or

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Caring for an elderly relative? You may be eligible for tax breaks

AGI (Adjustable Gross Income), Caring For An Elderly Relative, Dependent Tax Credit, Medical Deductions, Medical Expenses / Douglas Freeman

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses

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Providing a company car? Here’s how taxes are handled

Company Car, Corporations, Employee Benefits, Employees, Fringe Benefits For Employees, Small Business, Tax Deduction, Vehicle Expenses / Douglas Freeman

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) Plus, current

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Accelerate depreciation deductions with a cost segregation study

Cost Segregation Study, Depreciation, Depreciation Deduction (Section 179), Tax Cuts and Job Acts (TCJA) / Douglas Freeman

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a

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