Click here for the 2014 update! In our last post on auto depreciation we discussed the depreciation limits for most autos and trucks weighing less than 6,000 pounds. Today let’s look at the rules for larger trucks and … [Read more...]
Auto Depreciation for 2013
In our last post on bonus depreciation, we noted that there are special rules for depreciating cars and trucks. Today we’ll look at those rules. This discussion assumes that the vehicle is being used more than 50% for business purposes. If the … [Read more...]
Bonus Depreciation for 2013
In our last post we talked about Section 179 expensing of fixed asset acquisitions. Another way to accelerate tax deductions for purchases of fixed assets is through additional first-year “bonus” depreciation. The cost of property with a useful … [Read more...]
Sec. 179 Expensing For 2013
Section 179 expensing is an important tax consideration for businesses that are planning on acquiring fixed assets. Generally, the cost of property placed in service in a trade or business can't be deducted in the year it's placed in service if … [Read more...]
Home Office Deduction Safe Harbor
The IRS has established a new safe harbor method of calculating the home office deduction. The method is first available for the 2013 tax year. The safe harbor is simpler and requires less record-keeping, but may result in a smaller deduction for … [Read more...]
Six myths that lead to worker misclassification
These myths may give employers an unwarranted sense of security, and they can have costly consequences. August 26, 2013 By Jim Button, CPA/CITP Employers face an important decision in classifying their workers for tax treatment. Workers can be … [Read more...]