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Tax Guy: 7 year-end tax planning strategies for small business owners

You still have time to significantly reduce your 2018 business income tax bill. Here are seven year-end moves to consider, taking into account changes included in the Tax Cuts and Jobs Act (TCJA).

1. Claim 100% bonus depreciation for asset additions

Thanks to the TCJA, 100% first-year bonus depreciation is available for qualified new and used property that is acquired and placed in service in calendar year 2018. That means your business might be able to write off the entire cost of some or all of your 2018 asset additions on this year’s return. So consider making additional acquisitions between now and year-end.

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