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Category: Small Business Tax Help
Business Tax Benefits
Boost Your Cash Flow by Writing Off That Old Roof

This post explains how business owners can get a valuable tax deduction by writing off the remaining basis of an old roof, elevator, HVAC system or other building components when replacing them. It covers the three key benefits: an immediate tax deduction, reducing depreciation recapture tax later, and the time value of investing the upfront tax savings. An example illustrates just how lucrative this strategy can be for boosting cash flow.

June 27, 2024 No Comments
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Business
Who Should Own the Business Car: Corporation or Individual?

Deciding who should own the business car—yourself or your corporation—is a crucial decision for single-owner S corporations. This choice impacts insurance rates, tax deductions, and administrative complexity. Individual ownership may offer better insurance rates, but it complicates reimbursements and tax reporting.

June 20, 2024 No Comments
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Tax Implications of Disasters
Navigating the Tax Implications of Shutting Down Your Sole Proprietorship

Closing your sole proprietorship involves more than just shutting the doors. Understanding the tax implications is crucial. In our latest blog post, we break down the key considerations when shutting down your business, from asset sales to tax strategies.

June 18, 2024 No Comments
IRS
How to Safeguard Your Dutch-Treat Business Meal Deductions

Navigating the intricacies of tax deductions for business meals can be challenging, especially with the IRS’s Sutter rule potentially reducing or denying your claims. In “Navigating the Tax Maze: How to Safeguard Your Dutch-Treat Business Meal Deductions,” we unravel the nuances of this rule, highlight triggers that might attract IRS scrutiny, and provide practical strategies to protect your deductions. Discover how to effectively document your business meal expenses to ensure they are recognized as legitimate, deductible costs.

June 3, 2024 No Comments