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Why businesses should consider purchasing vehicles before year end
Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, and business-related purchases of new vehicles may be eligible for bonus depreciation. But Sec. 179...
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IRS makes deducting home office expenses easier
On Jan. 15, the IRS announced a new simplified home office deduction, which is available beginning with 2013 income tax returns (not the 2012 returns generally due April 15, 2013). Normally, if your...
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Can recently enhanced Sec. 179 expensing reduce your 2012 taxes?
Section 179 expensing allows businesses a 100% deduction for the cost of qualifying asset purchases. Its 2012 benefits were recently enhanced by the American Taxpayer Relief Act of 2012 (ATRA). Sec....
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You don’t have to be a manufacturer to take the “manufacturers’ deduction”
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities deduction,” is 9% of the lesser of qualified production activities income or taxable income. The deduction...
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The revived research credit can still reduce your 2012 tax bill
For many years, the research credit (also commonly referred to as the “research and development” or “research and experimentation” credit) has provided an incentive for businesses to increase their...
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April 15 has passed — now what?
With the 2012 tax filing season behind us, it’s time to start thinking seriously about 2013 tax planning — especially if you’re a higher-income taxpayer, because you might be subject to one or more...
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Work Opportunity credit for certain 2013 new hires can save you tax
If you’re considering expanding your staff, hiring from certain disadvantaged groups before the end of 2013 can save you tax. The American Taxpayer Relief Act of 2012 extended the Work Opportunity...
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Supreme Court’s DOMA decision will have a major tax impact on many same-sex...
On June 26, the U.S. Supreme Court struck down Section 3 of the 1996 Defense of Marriage Act (DOMA) as a violation of the U.S. Constitution’s guarantee of equal protection under the law. Sec. 3 defined...
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Could your frequent flyer miles be taxable?
Now is the time of year when many Americans are using the frequent flyer miles they’ve built up from work-related travel or credit card rewards programs to take the family on a nice vacation. If you’re...
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