Business Deductions Archives - Page 2 of 7 - Philadelphia CPA
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Business Deductions

Finally, lawmakers did the right thing by increasing the luxury auto depreciation limits on business cars. The old luxury limits were unrealistic, punitive, unfair, and discriminatory against any car that cost more than $15,800. The new limits don’t create parity in all respects, but they are...

Tax Reform Provides New 20% DeductionThe new 2018 Section 199A tax deduction that you can claim on your IRS Form 1040 is a big deal. There are many rules (all new, of course), but your odds as a business owner of benefiting from this new...

Lawmakers finally did it. First, they reduced the directly related and associated entertainment deductions to 80 percent with the 1986 Tax Reform Act. Later, in 1993, they reduced that 80 percent to 50 percent. And now, with the newest tax reform, lawmakers simply killed business deductions...

Monthly Newsletter December 2017 Home Office with More Than One BusinessThe office-in-the-home deduction produces good-to-excellent tax savings by turning personal house expenses into business deductions. Additionally, it enables you to deduct big vehicle expenses by eliminating nondeductible commuting mileage. But to qualify for the home-office deduction,...

I want to briefly discuss five different strategies that can be powerful tools in lowering your tax bill. And the really great part is that each of these strategies is easy to understand and implement. Prepay expenses. Stop billing customers and patients. Buy office equipment. ...

As the end of the year approaches, it’s a good time to think of planning moves that will help lower your tax bill for this year. One strategy that will provide big tax deductions is purchasing a vehicle. If you’re looking for a replacement business car,...

Many clients ask me " do I have to keep a mileage log or some form of documentation to claim my auto or truck expenses"--My response and the tax courts response is always a resounding YES!!The Tax Court has this to say about the auto...

You can be rewarded with huge tax savings with heavy vehicle and home-office deduction combo.The heave vehicle produces quick deductions. A home office that qualifies as a principal office eliminates commuting miles, thus enhancing the business-use percentage of the vehicle(s).Here's a potential scenario. You purchase...