What is R&D The research and development tax credit is a federal incentive that allows companies to reduce income tax liability in the current year dollar for dollar when they are preforming activities related to the development, design, or improvement of things like products, software, process, etc. Many businesses, especially smaller
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What is an HSA? Health Savings Accounts, or HSA’s, are essentially personal bank accounts that can be used for medical expenses. Contributions are made tax free as well as withdrawals when they are made for qualified health expenses. People tend to use these accounts alongside their retirement plans to reduce their taxable income.
What is Cost Segregation? Cost Segregation is a tax deferral strategy for commercial real estate owners. It allows them to utilize accelerated depreciation deductions to create more cash flow. The aim of a cost segregation study is to identify the personal property components of a building that can be depreciated and
What is Basis? Basis measures the amount that the property’s owner is treated as having invested in the property. In most situations, the basis of an asset is its cost to you. The cost is the amount you pay for the property in cash, debt obligations, and other property or services.
What is Basis? There are two distinct types of basis that apply to the partnership and to each partner. Outside basis refers to a partner’s interest in a partnership. Inside basis refers to a partnership’s basis in its assets. Generally, basis measures the amount that the property’s
Many times throughout the year our clients inquire as to when their tax returns are due or when their estimated tax payments are due. The chart below lists the 2021 filing dates and 2022 estimated tax payment dates for the returns that we frequently encounter. Find the pdf. for the table above here. If you
Prior to 2017, Meals and Entertainment related expenses were typically 50% deductible. In 2017, the Tax Cuts and Jobs Act, what is known as the Trump Tax Laws, changed that. In the image below we’ll walk through the new rules from 2018 through 2023: Prior to 2017 entertainment was 50% deductible. As you can see
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What does pass-through entity tax mean for my small business?
You may recall before the 2017 Tax Cut and Jobs Act, you were able to deduct your state and local taxes on your individual tax return. The 2017 Tax Cut and Jobs Act imposed a deduction limit of $10,000 of state and local taxes on your personal tax return. This has been referred to as
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What do changes in depreciation rules mean for me in 2022-2023?
Most taxpayers have gotten very used to taking 100% bonus depreciation. Most of the time, people have been getting used to taking 100% bonus and writing off whatever they’re spending on capEx. This has been the case since the Tax Cuts and Jobs Act in 2017 – the Trump tax cuts. You may be thinking
The Tax Cuts and Jobs Act (TCJA) imposed new limitations on business deductions for meals and entertainment expenses that were incurred or paid after December 31, 2017, the effective date of the applicable Tax Cuts and Jobs Act (TCJA) provisions. The Consolidated Appropriations Act of 2021 (CAA) allows a 100% deduction for certain business meal