Posts Tagged "Business tax tips"

Give to cut taxes

Posted on Aug 6, 2013

If you are in a position to give, making annual gifts can be an excellent strategy for reducing both your estate and income tax liability. Doing your gift-giving at midyear rather than late in the year is especially smart if you are giving income-producing property. You will then remove more income from your 2013 tax...

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Business Tax Tip

Posted on Jul 24, 2012

Keep repairs separate from major improvements. Ordinary repairs and maintenance on business equipment and buildings are deductible business expenses. Improvements which materially add to the value of the property or significantly prolong its useful life must be depreciated over a period of years. To avoid losing tax deductions for repairs and maintenance, make major improvements completely apart from repairs and maintenance....

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