Need a New Business Vehicle? Consider a Heavy SUV.
The nice weather and the general downturn in COVID-19 cases has spurred some business owners to think about buying a car this spring. Here’s an option that may save on taxes.
Buying Business Assets Before Year End
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That...TCJA & Bonus Depreciation
Bonus depreciation allows businesses to deduct more of an asset’s cost in the year the asset is placed in service. The new tax law’s enhanced bonus depreciation provision may save tax on your 2017 return.