Safe Harbors

The key to retirement security is picking the right plan for your business

401 K, Income Tax, IRA, Retirement, Simplified Employee Pension (SEP), Small Business, Tax Planning, Tax Savings / Douglas Freeman

If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) plan One of the best-known retirement plan options is the 401(k) plan. It provides for employer contributions made […]

The key to retirement security is picking the right plan for your business Read More »

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 / Douglas Freeman

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

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