How Small Businesses Write Off Equipment Purchases

From time to time, an owner of a small business will purchase equipment, office furnishings, vehicles, computer systems and other items for use in the business. How to deduct the cost for tax purposes is not always an easy decision because there are a number of options available, and the decision will depend upon whether
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Immediate Tax Benefits for Business Property

Section 179 provides generous tax break There is a unique tax break for business entities of all shapes and sizes contained in Section 179 of the Internal Revenue Code. Under this section, a business can elect to “expense,” or currently deduct, the cost of qualified property placed in service during the year, up to a
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The Research Credit Is Back for Good

New law permanently extends tax break Like Arnold Schwarzenegger’s character in The Terminator, the research credit is back. This valuable tax break, which had officially expired and been restored more than a dozen times in the past, was extended again by the Protecting Americans from Tax Hikes (PATH) Act, retroactive to the beginning of 2015.
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Tabulate Results for a Sales Tax Deduction

Make tax election for renewed tax break In this election year, one of the most important decisions will be made on your 2015 tax return. You must determine whether it is better to deduct state and local income taxes paid last year or to claim a deduction for state and local sales taxes. What’s at
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Key Tax Provisions in the PATH Act

New law extends and modifies tax breaks The new Protecting Americans from Tax Hikes (PATH) Act—signed into law by President Obama on December 18, 2015—does more than merely extend various expired tax provisions as most other “tax extender” laws have done in the past. This new legislation also makes several key tax breaks permanent, along
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Ohio’s Sales Tax Holiday

Ohio’s Sales Tax Holiday is Friday, August 7, 2015 through Sunday, August 9, 2015! Are you ready? Ohio will experience its first sales tax holiday this summer. The sales tax holiday exempts sales tax from items purchased during a limited time. The Ohio sales tax holiday focuses on back to school items to assist families
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Ups and Downs of the Section 179 Deduction

Enhancement limit for 2014, reduction for 2015 For small-business owners who frequently buy new equipment and other assets for their business activities, the new tax law enacted at the end of 2014—the Tax Increase Prevention Act (TIPA)—provides a temporary reprieve. Signed on December 19, 2014, TIPA extended a Section 179 deduction retroactive to January 1,
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Beer & Taxes

The rise of craft breweries in the United States has brought into question the current taxation of breweries.  Presently, there are two proposed amendments to IRS Tax Code to adjust the excise tax on beer:  the Small BREW Act and the Fair BEER Act.   Barrels Existing Law Small BREW Act Fair BEER Act 0-7,143
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Avoid IRS Tax Penalties with First Time Abatement

From earliest childhood we value the opportunity to cry ‘do over’ when we make an honest mistake.  Adult life, and in particular our relationship with the IRS, doesn’t usually offer opportunities to ‘do over’.  However, one program does – First Time Abatement.