New tax law offers 100 percent, first-year ‘bonus’ depreciation

The Tax Cuts and Jobs Act increases the bonus depreciation percentage from 50 percent to 100 percent for qualified property acquired and placed in service after Sept. 27, 2017, and before Jan. 1, 2023. This law change: Generally, applies to depreciable business assets with a recovery period of 20 years or less and certain other […]

New tax law changes business expensing

A change in the tax law allows businesses to immediately expense more of the cost of certain business property. Many businesses can now write off most depreciable assets in the year they’re placed into service. The new law: Increased the maximum depreciation deduction to $1 million. Increased the phase-out threshold to $2.5 million. Expanded the […]

How tax reform affects farmers and ranchers

Many farmers and ranchers will benefit from changes brought about by the Tax Cuts and Jobs Act. Notable changes include: Net Operating Losses: Can now be carried forward indefinitely; Are limited to 80 percent of income and Can be carried back for two years. Pass-through entities: There’s a new 20-percent qualified business income deduction for […]

Tax Security Awareness: Understanding the Dark Web

Tax Security Awareness: Understanding the Dark Web Monday, December 3, 2018 2 p.m. Eastern Time; 1 p.m. Central Time; 12 p.m. Mountain Time; 12 p.m. Arizona; 11 a.m. Pacific Time; 10 a.m. Alaska; 9 a.m. Hawaii This free 100-minute webinar is open to all In support of Internal Revenue Service’s Tax Security Awareness Week, a […]

Changes to depreciation limits on luxury automobiles

Changes to depreciation limits on luxury automobiles The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year $16,000 for the second year $9,600 for the third year $5,760 […]

How tax reform affects farmers and ranchers

How tax reform affects farmers and ranchers Many farmers and ranchers will benefit from changes brought about by the Tax Cuts and Jobs Act. Notable changes include: Net Operating Losses: Can now be carried forward indefinitely; Are limited to 80 percent of income and Can be carried back for two years. Pass-through entities: There’s a […]

Tax reform changes to depreciation deduction affect farmers

Tax reform changes to depreciation deduction affect farmers The Tax Cuts and Jobs Act changes how farmers and ranchers depreciate their business property. Here are changes to depreciation that affect farmers: New equipment and machinery is five-year property. Used equipment remains seven-year property. Property placed in service after Dec. 31, 2017, is not required to […]

New tax law changes business expensing

New tax law changes business expensing A change in the tax law allows businesses to immediately expense more of the cost of certain business property. Many businesses can now write off most depreciable assets in the year they’re placed into service. The new law: Increased the maximum depreciation deduction to $1 million. Increased the phase-out […]

After tax reform, many corporations will pay blended tax rate

After tax reform, many corporations will pay blended tax rate IRS Tax Reform Tax Tip 2018-173 November 7, 2018 Last year’s tax reform legislation replaced the graduated corporate tax structure with a flat 21 percent corporate tax rate. This new maximum tax rate for corporations is effective for tax years beginning after Dec. 31, 2017. […]

 Tax Reform changes depreciation limits on luxury automobiles

 Tax Reform changes depreciation limits on luxury automobiles Tax Tip 2018-177 November 15, 2018 The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year, $16,000 for the second […]