9 steps to take now to cut your 2019 business tax bill, courtesy of the Tax Guy.
With year-end rapidly approaching, now is the time to take steps to cut your 2019 business tax bill. This column has some ideas for this year, but you also have to think what might happen to your business tax situation in 2020 and beyond. So, it’s a bit complicated this time around. But we forge ahead. Here goes.
Claim 100% first-year bonus depreciation for qualified asset additions Thanks to the Tax Cuts and Job Act , 100% first-year bonus depreciation is available for qualified new and used property that is acquired and placed in service in your business in calendar year 2019. That means your business might be able to write off the entire cost of some or all of its 2019 asset additions on this year’s return. So, consider making additional acquisitions between now and year-end.
Key Point: For 2019, the aforementioned luxury auto depreciation limits can only apply to vehicles that cost more than $50,500. Vehicles that cost less are depreciated under the “regular rules” using the following annual depreciation rates. Consult your tax pro for full details. The TCJA expanded the definition of real property eligible for the Section 179 deduction to include qualified expenditures for roofs, HVAC equipment, fire protection and alarm systems, and security systems for nonresidential real property. To qualify, these items must be placed in service after the nonresidential building has been placed in service.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
‘Mockingbird’ Breaks Own Record As Original Cast Departs; ‘Tina’, Alanis Morissette Rock Broadway B.O.A record-setting farewell performance of To Kill A Mockingbird‘s original Jeff Daniels-fronted cast, along with three rockers – Tina Turner, Alanis Morissette and David Byrne – brought in a combined $4,584,598 at the box office
Leer más »
Kathleen Lights Is Launching Her Own Nail Polish Brand After Messy Split With KL Polish.KathleenLights1 Lacquer is coming!
Leer más »
Jameela Jamil Did Her Own Red Carpet Makeup and It’s a Neon DreamWe're in love with jameelajamil's neon eye makeup.
Leer más »
Meet Ashnikko, the Rapper Carving a Lane Of Her Own With 'Stupid'Billboard got to chat with rapper Ashnikko about the success of her viral TikTok hit “Stupid,” her inspirations growing up, and her current tour with Danny Brown.
Leer más »
Musician Akon is creating a futuristic city and his own cryptocurrency in SenegalAkon hopes to launch his cryptocurrency 'AKoin' for Africa in the first two months of 2020. 'I think this will give Africa back its hold on not only their resources but also just their ideas,' the singer says.
Leer más »
DaBaby Is His Own Secret Weapon.DaBabyDaBaby is at the top of his game, and we just can't look away
Leer más »