Tag Archives | TCJA

Jennifer Wright, Enrolled Agent | Rules of the Home Office Deduction | Dalby Wendland & Co. | CPAs | Business Advisors | Grand Junction CO | Glenwood Springs CO | Montrose CO

Rules of the Home Office Deduction

Working from home has its perks. You can skip the commute, wear comfy clothing, keep a more flexible schedule, and you might even save money on your tax return. The home office deduction can save you a bundle, if you meet the tax law qualifications. The home office deduction is available for homeowners and renters, […]

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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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business owner in car

Company Car Tax Implications

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even better, recent […]

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small sad kid, with investment calculation

TCJA Makes “Kiddie Tax” Worse

In 1986, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from transferring income (usually from investments) to their children in lower tax brackets. While the tax troubled some families in the past, the Tax Cuts Jobs Act (TCJA) has made it worse today by revising the tax rate […]

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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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Buy or Lease Business Equipment

Life presents us with many choices: paper or plastic, chocolate or vanilla, regular or decaf. For businesses, a common conundrum is buy or lease. You’ve probably faced this decision when considering office space or a location for your company’s production facilities. But the buy or lease business equipment quandary also comes into play. Pride of […]

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