As a company’s deductible expenses outpace its income, a net operating loss (NOL) typically takes place. As you file your 2017 income tax return, should you discover your business had an NOL, at least one positive outcome ensues: tax benefits. But bear in mind that the Tax Cuts and Jobs Act (TCJA) has made considerable adjustments to the tax treatment of NOLs.
Repairs, not “improvements,” to tangible property can present businesses with a valuable current tax deduction. Money spent on incidental repairs and maintenance to assets such as buildings, equipment, vehicles or machinery, can be immediately expensed and deducted on the current year’s income tax return.
The Tax Cuts and Jobs Act (TCJA) allows for significant tax breaks regarding property purchases. This law was implemented December 2017 and greatly enhances Section 179 expensing for 2018. You might benefit from this tax break on your 2017 return if you made a qualifying purchase by December 31, 2017. If you outline your future property purchases accordingly, you can take advantage of the substantial increases to the tax break, planned for 2018 and beyond.
Now that the Tax Cuts and Jobs Act has cut down on or eliminated some tax breaks for businesses, you will want to maximize all applicable tax credits. Tax credits decrease tax liability dollar-for-dollar, potentially making them more beneficial than … Continued
Individual and corporate tax returns will look significantly different come April of 2019. The Tax Cuts and Jobs Act passed in both the House and Senate last week and was officially signed into law on Friday by the President. Key changes to the tax code include a sharp reduction in the corporate tax rate, formation of new, lower tax brackets and elimination of certain deductions and credits.
Earlier this week the Trump Administration along with House Republicans published the Tax Cuts and Jobs Act. This legislation is based on the tax reform framework issued by the White House in September and focuses on delivering significant reform to the tax system.
The Affordable Care Act (ACA) appears to be sticking around, at least for the time being since repeal and replacement efforts have collapsed. With that in mind, it’s a good idea to make sure you understand the “individual mandate”, which … Continued
Most California businesses and individuals are familiar with the California Board of Equalization (BOE) as the taxing authority that administers state tax laws, collects taxes, conducts audits and hears appeals. Unlike other states that have a Department of Revenue, the BOE is an elected tax commission composed of five board members who serve concurrent four-year terms.
The Protecting Americans from Tax Hikes (PATH) Act made several significant changes to business tax planning strategies. While it’s still unclear what, if any, tax reform legislation will be signed into law this year, there are three main tactics businesses … Continued
Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are … Continued