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Strategic Business Tax Planning, Second Edition is the definitive handbook on business tax planning, skipping the unnecessary and minute.
Table of contents
- Strategic Business Tax Planning, 2nd Edition
- Strategic Business Tax Planning, 2nd Edition | Corporate Finance | Accounting | Subjects | Wiley
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We can advise you on allowable deductions. Some planning considerations for start-up businesses include the following:. By meeting with us throughout the year, we can help you maximize deductions for purchases you may make, including advice on when it may be best to make capital purchases. We will also help you determine the inventory method that will be most beneficial to your business. As the owner of an unincorporated business, you may be able to hire your children and fully deduct their pay. We can advise you on the tax benefits of this strategy and how to implement.
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If you are self-employed, you may be able to deduct health insurance costs for yourself, your spouse, and your dependents and you may be able to deduct a portion of the self-employment tax that you pay on your income. You may also be able to deduct home office expenses. Businesses are able to depreciate 50 percent of the cost of equipment acquired and placed in service during , and However, the bonus depreciation is reduced to 40 percent in and 30 percent in Qualified property is defined as property that you placed in service during the tax year and used predominantly more than 50 percent in your trade or business.
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Property that is placed in service and then disposed of in that same tax year does not qualify, nor does property converted to personal use in the same tax year it is acquired. Many states have not matched these amounts and, therefore, state tax may not allow for the maximum federal deduction. In this case, two sets of depreciation records will be needed to track the federal and state tax impact. If you plan to purchase business equipment this year, consider the timing.
You might be able to increase your tax benefit if you buy equipment at the right time.
Strategic Business Tax Planning, 2nd Edition
Here's a simplified explanation:. The tax rules for depreciation include "conventions" or rules for figuring out how many months of depreciation you can claim. There are three types of conventions. To select the correct convention, you must know the type of property and when you placed the property in service.
Strategic Business Tax Planning, 2nd Edition | Corporate Finance | Accounting | Subjects | Wiley
This convention applies to all property except residential rental property, nonresidential real property, and railroad gradings and tunnel bores see mid-month convention below unless the mid-quarter convention applies. All property that you begin using during the year is treated as "placed in service" or "disposed of" at the midpoint of the year.
This means that no matter when you begin using or dispose of the property, you treat it as if you began using it in the middle of the year. If the half-year convention applies, you get one-half year of depreciation on that machine. The mid-quarter convention must be used if the cost of equipment placed in service during the last three months of the tax year is more than 40 percent of the total cost of all property placed in service for the entire year. If the mid-quarter convention applies, the half-year rule does not apply, and you treat all equipment placed in service during the year as if it were placed in service at the midpoint of the quarter in which you began using it.
This convention applies only to residential rental property, nonresidential real property, and railroad gradings and tunnel bores. It treats all property placed in service or disposed of during any month as placed in service or disposed of on the midpoint of that month.
If you're planning on buying equipment for your business, call the office and speak with a tax professional who can help you figure out the best time to buy that equipment and take full advantage of these tax rules. The credit is 50 percent 35 percent for non-profits. Business Energy Investment Tax Credit.
Business energy investment tax credits are still available for eligible systems placed in service on or before December 31, , and businesses that want to take advantage of these tax credits can still do so. Business energy credits include geothermal electric, large wind expires in , and solar energy systems used to generate electricity, to heat or cool or to provide hot water for use in a structure, or to provide solar process heat.
Hybrid solar lighting systems, which use solar energy to illuminate the inside of a structure using fiber-optic distributed sunlight, are eligible; however, passive solar and solar pool-heating systems excluded are excluded. Utilities are allowed to use the credits as well. Where possible, end of year repairs and expenses should be deducted immediately, rather than capitalized and depreciated.
Please call if you would like more information on this topic. Partnership or S-Corporation Basis. Partners or S corporation shareholders in entities that have a loss for can deduct that loss only up to their basis in the entity. However, they can take steps to increase their basis to allow a larger deduction. Basis in the entity can be increased by lending the entity money or making a capital contribution by the end of the entity's tax year.