by Brian Hare, CPA, CGMA | Feb 9, 2021 | Tax
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end...
by Brian Hare, CPA, CGMA | Jan 29, 2020 | Business, Tax
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social...
by Brian Hare, CPA, CGMA | Feb 14, 2019 | Business, Tax
A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions Section 179 expensing:Limit: $1.02 million (up from $1 million) Phaseout:...
by Brian Hare, CPA, CGMA | Nov 30, 2018 | Business
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 the tax year. That...
