As another year ends with interest rates and markets in flux, one thing remains certain: Reducing your company’s 2023 tax bill can improve your cash flow and your bottom line. Below are five strategies — including some…
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain…
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were significant. Here are the…
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…
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason…
The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. While it remains to be seen if — and when — any tax-related legislation can muster…
After your manufacturing company’s 2022 tax return has been filed, you can focus your efforts on reducing its 2023 tax liability. What are the top tax-saving opportunities available to manufacturers this year? Here are seven prime candidates…
Three key tax provisions you should know for 2023 Are you up to date on the latest tax law changes that could affect your manufacturing business? Barring further legislation, certain key provisions have expired or have begun…
As the end of the year approaches, there’s still time to make moves that may reduce your federal tax liability. Read on for some strategies to reduce your 2022 tax bill. Time your income and expenses When…
As a manufacturer, you might be looking to maximize your tax benefits as the end of the year approaches. One proven method is to maximize tax breaks relating to depreciation. In some cases, your company may realize…
Year-end tax planning strategies to implement now Now that Labor Day has passed, it’s a good time to think about making year-end tax planning moves that may help lower your small business taxes. The standard year-end approach…
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching…
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