Tax Breaks Archives | Cleveland CPA Accounting Firm

Run your business from home? You might be eligible for home office deductions

Posted on February 24, 2020 by Maura Neundorfer

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the…

Congress Rolls Back Burdensome UBIT on Transportation Benefits

Posted on January 6, 2020 by Maura Neundorfer

A much-hated tax on non-profit organizations is on the way out. At the end of 2019, Congress repealed a provision of 2017’s Tax Cuts and Jobs Act (TCJA) that triggered the unrelated business income tax (UBIT) of…

New Law Provides Tax Breaks to Businesses and Employers

Posted on January 6, 2020 by Maura Neundorfer

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was…

Spending Bill Extends Tax Breaks, Adds Retirement Account Provisions

Posted on January 6, 2020 by Maura Neundorfer

With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain…

Factor 2020 Cost-of-Living Adjustments into Your Year-End Tax Planning

Posted on December 3, 2019December 3, 2019 by Maura Neundorfer

The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these…

Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks

Posted on December 3, 2019December 3, 2019 by Maura Neundorfer

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s…

2 Valuable Year-End Tax-Saving Tools for Your Business

Posted on December 3, 2019 by Maura Neundorfer

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business…

Business Year-End Tax Planning in a TCJA World

Posted on November 5, 2019November 5, 2019 by Maura Neundorfer

With the next filing season on the horizon, you can incorporate the lessons learned into your year-end tax planning. The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for…

Accelerate Depreciation Deductions with a Cost Segregation Study

Posted on October 31, 2019 by Maura Neundorfer

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on…

5 Common Questions about Kids and Taxes

Posted on August 20, 2019 by Maura Neundorfer

Does your son or daughter work during the summer or school year? A part-time job can be a great way for your child to learn about financial responsibility. It can also teach a valuable lesson about owing taxes.…

Will Buying or Leasing Equipment Be More Tax Efficient For Your Business?

Posted on March 5, 2019May 16, 2019 by Maura Neundorfer

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now…

Tag: Tax Breaks

Run your business from home? You might be eligible for home office deductions

Congress Rolls Back Burdensome UBIT on Transportation Benefits

New Law Provides Tax Breaks to Businesses and Employers

Spending Bill Extends Tax Breaks, Adds Retirement Account Provisions

Factor 2020 Cost-of-Living Adjustments into Your Year-End Tax Planning

Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks

2 Valuable Year-End Tax-Saving Tools for Your Business

Business Year-End Tax Planning in a TCJA World

Accelerate Depreciation Deductions with a Cost Segregation Study

5 Common Questions about Kids and Taxes

Will Buying or Leasing Equipment Be More Tax Efficient For Your Business?

PPP Loan: Key Items To Know Before Applying for Forgiveness