Tax reform changes affecting small businesses

Tax reform changes affecting small businesses

With just a few months left in tax year 2018, the Internal Revenue Service today urges small business owners to learn about how the new tax law changes may affect them.

Questions on Tax Extensions

Questions on Tax Extensions

More than 14 million taxpayers requested an extension to file their federal income tax return this year. There's just about a week to finish up: October 15 is the last day for most people to file their tax returns for 2018. 

What Congress Might Do On Taxes Before Christmas

What Congress Might Do On Taxes Before Christmas

While the extension of the individual provisions is a big lift and the outlook is very uncertain (with the received wisdom being that this will be put-off until down the road when the provisions are closer to expiring – 2025) – the possibilities of passing retirement provisions and the bill on start-ups has possibilities for this year in lameduck.  The Senate is interested – particularly on retirement.

For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017

For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017

The IRS reminds business taxpayers who placed qualifying property in service during 2017 but choose not to claim the new 100-percent depreciation deduction, that they have a limited time to file the required election with the IRS. In general, individuals and calendar-year corporations must file the election with the IRS by Oct. 15, 2018. The new 100-percent deduction allows businesses to write off most depreciable business assets in the year they are placed in service.