It’s tax planning season! And that’s a good thing! For You. Not for the IRS.
Who wants to pay the IRS more than absolutely necessary? Not us! Let us help you minimize your tax hit and keep more of what you earned. Take a look at the list below. These are some of the topics which could impact your tax bill. You could realize a huge tax advantage by consulting with us soon to develop your tax strategy.
Call us! (805) 683-7585. We’re creative thinkers. We love to help you reduce your tax bill.
Code Sec. 179 expensing.
Code Sec. 1779 gives businesses the option of claiming a deduction for the cost of qualified property all in its first year of use rather than claming depreciation over a period of years.
Bonus depreciation
The 50 percent bonus first-year depreciation deduction is schedule to expire after 2012 (2013 in the case of certain longer-production period property and certain transportation property.)
New de minimis rule in repair regulations
Comprehensive repair and capitalization regulations issued by the IRS in late 2011 open up a new planning opportunity.
Dividends
Under current law, tax-favorable dividends tax rates are scheduled to expire after 2012.
Expired business tax incentives
Many temporary business tax incentives expired at the end of 2011.
Small employer health insurance credit
A potentially valuable tax incentive has often been overlooked by small businesses, according to reports.
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