by Susan Balcomb | Jun 28, 2018 | Tax Planning
It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation...
by Susan Balcomb | May 6, 2018 | Tax Planning
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...
by Susan Balcomb | Apr 26, 2018 | Tax Planning
Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution...
by Susan Balcomb | Apr 24, 2018 | Tax Planning
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property...
by Susan Balcomb | Apr 1, 2018 | Tax Planning
Statistical information on pension plans is available. The U.S. Department of Labor’s Employee Benefits Security Administration has released its findings from the Form 5500 series reports for the 2015 plan year. The new publication provides a statistical summary, in a...
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