Small Business Year End Tax Planning

Small Business Year End Tax Planning-88
However, qualified improvement costs don’t include expenditures for the enlargement of a building, any elevator or escalator, or the internal structural framework of a building.Important note: Under the current rules, 50% bonus depreciation will also be available for qualified assets that are placed in service in 2017.But these vehicles can be useful if you need to haul people, equipment and other things around as part of your day-to-day business operations. Under the Section 179 election, you can elect to immediately write off up to ,000 of the cost of a new or used heavy SUV that’s: 1) placed in service by the end of your business tax year that begins in 2016, and 2) used over 50% for business during that year.

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First-year depreciation deductions for lighter SUVs, light trucks, light vans and passenger cars are much skimpier.

You can usually find a vehicle’s GVWR specification on a label on the inside edge of the driver’s side door where the hinges meet the frame.

Example 1: New Heavy Vehicle Your business uses the calendar year for tax purposes.

You buy a new $65,000 Cadillac Escalade and use it 100% for business between now and December 31.

Example 2: Used Heavy Vehicle Your business uses the calendar year for tax purposes.

You buy a used ,000 Cadillac Escalade and use it 100% for business between now and December 31. But you can generally write off another ,000 under the normal depreciation rules.

Under the exception, you can claim a first-year Sec.

179 deduction of up to 0,000 (adjusted for inflation in future years) for the following qualified real property improvement costs: Important note: Deductions claimed for qualified real property costs count against the overall 0,000 maximum for Sec. Take Advantage of 50% First-Year Bonus Depreciation For qualified new assets (including software) that your business places in service in calendar year 2016, you can claim 50% first-year bonus depreciation.

After President Obama hands over the baton to President-elect Trump and new members of Congress are sworn into office in January, the tax laws could change.

Juggle Pass-Through Income and Deductible Expenditures If your business operates as a sole proprietorship, S corporation, limited liability company (LLC) or partnership, your share of the net income generated by the business will be reported on your Form 1040 and taxed at your personal rates.

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