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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
New Pennsylvania Tax Law – Act 52
On July 9, 2013, Governor Tom Corbett signed House Bill 465 into law as Act 52. The act has tax provisions affecting both businesses and individuals. Capital Stock/Foreign Franchise Tax The Capital Stock/Foreign Franchise tax applies to … [Continue reading]