Two questions: Do you need a replacement business car, SUV, van, or pickup truck?Do you need tax deductions this year? Here are some ideas for you to consider: 1. Buy a New or Used SUV, Crossover Vehicle, or Van with a GVWR Greater than 6,000 Pounds Let’s say that on or before December 31, 2018, […]
TAX TIP TUESDAY FOR DECEMBER 11, 2018
Today’s tip is a list of last-minute tax savers for businesses: 1. Prepay expenses using the IRS safe harbor. IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months. See Treasury Regulation section 1.263(a)-4(f). 2. If you are cash basis you must generally report any […]
TAX TIP TUESDAY FOR DECEMBER 4, 2018
It has been almost a full year since passage of the Tax Cut and Jobs Act which made sweeping tax changes taking effect for 2018. Although there are only about four weeks left to go before the year ends, it’s not too late to implement some planning moves for 2018. Since you are probably an […]