The IRS has issued guidance on deducting expenses under Section 179(a) and on deducting depreciation under Section 168(g). These rules, in Revenue Procedure 2019-08 and as amended by the Tax Cut and ...

Is your business expecting a very profitable year, knowing you will have a painful income tax debt to pay next April? Do you have plans to purchase some equipment within the next six months? If so, ...

Learn how to use IRS Form 4562 to claim depreciation and amortization deductions for business property. Understand the criteria, asset types, and filing process.

Q I expanded my business in 2014 and purchased a significant amount of furniture, fixtures and equipment. Will I be able to deduct all these purchases on my 2014 tax returns? In addition, will the ...

SIGNIFICANT SAVINGS: Under the expansion of Section 179, commercial HVAC contractors operating at a 35 percent tax bracket may immediately save approximately $70,000 in taxes on a $200,000 HVACR ...

DEPRECIATION OF LUXURY CARS requires careful analysis due to recent tax law changes. OPTIMIZATION OF LUXURY-VEHICLE DEPRECIATION demands thoughtful analysis of the IRC section 179 expense allowance, ...

Section 179 expensing can be a very powerful tax-planning tool for small- and medium-sized businesses acquiring capital assets. While it doesn't change the amount of depreciation you can take over the ...

Buying equipment for your lawn business is different from buying supplies like fertilizer and fuel. Whereas supplies have a short-term life and are treated as expenses, the equipment you buy should ...

I am 58yrs of age and receive $8660 for disability from my former employer, and receive a 1099R which I enter that amount on line 7 of Form 1040. I have rental income profit of $4069 and enter on line ...