Tag Archives | business deductions

Tax Cuts Jobs Act (TCJA) 2019 | Understanding the TCJA Limit on Interest Expense | Dalby Wendland & Co. | CPAs | Business Advisors | Grand Junction CO | Glenwood Springs CO | Montrose CO

Understanding the TCJA Limit on Interest Expense Deductions

The Tax Cuts and Jobs Act (TCJA) introduced a variety of tax benefits for businesses, including  slashing corporate income tax rates, temporarily reducing individual rates, and it established a new 20% deduction for certain pass-through income. However, the TCJA also placed limits on several tax breaks, including the amount for the interest expense deduction. Small […]

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Michael Brooks Certified Public Accountant | Cost Segregation: A Tax-Saving Strategy | Dalby Wendland & Co. | CPAs & Business Advisors | Colorado

Cost Segregation: A Tax-Saving Strategy

Depreciation is a reduction in the value of an asset over time resulting from wear and tear, deterioration or obsolescence. The tax law acknowledges depreciation by allowing taxpayers to take deductions over a period of years. The number of years over which the property can be depreciated depends on the category into which it falls […]

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lit up lightbulb with words Section 179

Now is Good Time to Buy Equipment & Other Depreciable Assets

The Section 179 depreciation deduction for business property gives businesses some good news. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And, it was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Even better, […]

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Gregory M. Ward, CPA | Inventory Accounting Method Change Could Benefit Small Businesses | Dalby Wendland & Co. | CPAs | Business Advisors | Grand Junction CO | Glenwood Springs CO | Montrose CO

Inventory Accounting Method Change Could Benefit Small Businesses

Even with the new depreciation options and Qualified Business Income deduction available in the wake of recent tax reform, there are always circumstances where a taxpayer may require additional current year deductions. With the help of another element of the Tax Cuts and Jobs Act (TCJA) taking effect in 2018, certain small businesses currently accounting […]

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man and woman having business lunch

Deducting Business Meal Expenses

In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can you deduct on your tax return for these expenses? The rules changed for deducting business meal expenses under the Tax Cuts and Jobs Act (TCJA), But you can still claim […]

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woman working from home office

The 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 change back in 2013, there are now two methods for […]

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hard hats and architect plans on a building site

Depreciation-Related Tax 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 there are special depreciation-related tax breaks on business real estate available that allow deductions to be taken more quickly for certain real estate investments. […]

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