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Depreciation-related breaks on business real estate

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deduc

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Update from Adam T. Cary, CPA PC

We are in the throes of tax season, and it occurred to me that I never let you know that I recently hired a tax manager to assist with serving clients. And, so, you may likely get a phone call or an email from “Chris Hall” and not know who he i

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Lease or Purchase Equipment

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or purchase equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now dec

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Home Office Deduction

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. Thanks to a tax law chan

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3 Big changes affecting 2018 Tax Returns

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes sig

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When do LLC members pay self-employment taxes

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment taxes (SE). But the IRS has

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Switch to a C Corporation?

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: C corporations

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2018 Business Tax Law Changes

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’l

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529 plans offer two tax-advantaged education funding options

Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better under the Tax Cuts and Jobs Act (TCJA).

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Consider buying business assets before year end to reduce your 2018 tax liability

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of th

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