End of the Year Tax Planning

admin • Nov 07, 2018
November 5, 2018
10 tax-savvy business moves to make before 2019

Even though 2019 is just around the corner, you still have time to take action and save on your business tax bill. Here are 10 ideas to consider:

  1. Buy equipment. Generally, you can claim an immediate Section 179 deduction (plus bonus depreciation for any remaining cost) for qualified property placed in service within generous limits in 2018 — no matter how late in the year this occurs.
  2. Stock up on supplies. If you pay for incidental office supplies before year-end, the full cost is deductible in 2018, even if you don’t use all the supplies this year.
  3. Throw a holiday party. Despite recent tax law changes, your business can still deduct 100 percent of the cost of a holiday party for your entire team.
  4. Fix up the premises. Under recent regulations, you can deduct the cost of minor repairs, but capital improvements must be written off over time.
  5. Dole out bonuses. Bonuses paid to your employees before 2019 are deductible in 2018, but are also taxable to the employees this year.
  6. Move up business trips. If you accelerate a long-distance business trip planned for next year, you can increase your 2018 travel expense deduction, including write-offs for reasonable lodging costs and round-trip airfare.
  7. Try to collect debts. By making genuine collection efforts, you can secure a deduction in 2018 for bad debts that have become worthless.
  8. Switch inventory accounting. If prices in your industry are escalating, you might switch from the “First in, First Out” (FIFO) method to “Last In, First Out” (LIFO) to reduce your taxable gain.
  9. Send employees to school. Your business can deduct education provided to employees under a qualified plan. Up to $5,250 of benefits are tax-free to employees.
  10. Get a head start. Finally, if you’re getting a business off the ground, you may take a deduction of up to $5,000 of qualified startup costs.

Call if you have questions about your year-end business tax plan.

Current Job Openings

By admin • 18 Oct, 2021
CPA or Candidate Job details Benefits & Perks Health insurance, Paid time off, Professional development assistance Job Type Full-time Qualifications… The post Current Job Openings appeared first on Omlin, Gunning & Associates, P.S..

September Newsletter

By admin • 24 Sep, 2021
How to Reduce Your Property Taxes Market values of homes are skyrocketing and higher property tax bills are soon to… The post September Newsletter appeared first on Omlin, Gunning & Associates, P.S..

Tax Deadlines

By admin • 12 Mar, 2021
What you need to know now! Deadlines for 2021 remain in tact for now. The IRS at this point has… The post Tax Deadlines appeared first on Omlin, Gunning & Associates, P.S..

October Newsletter

By admin • 01 Oct, 2020
This month: October 15  – Extension deadline for individual and C corporation tax returns October 31  – Halloween Does your… The post October Newsletter appeared first on Omlin, Gunning & Associates, P.S..

July Newsletter

By admin • 25 Jun, 2020
This month: July 4  – Independence Day July 15  – Individual income tax returns for 2019 are due  – C… The post July Newsletter appeared first on Omlin, Gunning & Associates, P.S..

June Newsletter

By admin • 28 May, 2020
This month: June 21  – Father’s Day This month’s newsletter details several reasons why you should look for other sources… The post June Newsletter appeared first on Omlin, Gunning & Associates, P.S..

May Newsletter

By admin • 15 May, 2020
This month: May 10  – Mother’s Day May 25  – Memorial Day COVID-19 uncertainty abounds for everyone. This month’s newsletter… The post May Newsletter appeared first on Omlin, Gunning & Associates, P.S..

April Newsletter

By admin • 08 Apr, 2020
This month: April 15 (Extended to July 15)  – Individual tax returns due  – C corporation tax returns due  –… The post April Newsletter appeared first on Omlin, Gunning & Associates, P.S..

Additional Paid Leave for Workers Affected by COVID-19

By admin • 31 Mar, 2020
What you need to know! The Families First Coronavirus Response Act is a new program that offers COVID-19 assistance for… The post Additional Paid Leave for Workers Affected by COVID-19 appeared first on Omlin, Gunning & Associates, P.S..

COVID-19 Bill Enhances Your Unemployment Benefits

By admin • 31 Mar, 2020
What you need to know! The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act provides individuals and businesses… The post COVID-19 Bill Enhances Your Unemployment Benefits appeared first on Omlin, Gunning & Associates, P.S..
More Posts
Share by: