In late December 2015, Congress passed the Protecting Americans from Tax Hikes, or PATH, act. The act extends many popular tax breaks to the 2015 tax year. In previous years most of these tax breaks only got a one year extension. This time Congress … [Read more...]
Congress Passes 2014 Tax Extenders
Providing their usual timely and efficient service, Congress has finally moved to extend several tax provisions which expired at the beginning of the year. H.R.5771 was passed by the House on December 3, 2014, and was just approved by the Senate on … [Read more...]
Small Businesses: Two Tax Issues for 2014
Small business owners face tax threats and opportunities in many areas. Here are two to consider: depreciation and fixed asset purchases, and health reimbursement accounts (HRAs). Section 179 deduction In December many small business owners who had … [Read more...]
Truck and SUV Depreciation for 2014
As we approach the end of the year (where did summer go?) many small businesses consider making expenditures for fixed assets. While business needs should be the first factor considered, the availability of tax deductions is also … [Read more...]
Truck and SUV Depreciation for 2013
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...]