Call Us Now To Schedule An Appointment!
- +1 956-233-7841
secure plus financial
2021 Tax Deductions: Meal Categories
Normal Depreciation:
Confirm the assets of your business are being depreciated and properly capitalized. Often, your accountant might not be doing this properly. For example, a client owned a building that was not being depreciated or capitalized, and the accountant only had the rental operations on the books.
Expense.
The IRS allows you to expense items under certain limits, for example, small tools and equipment. Your business has to set a reasonable policy for capitalization limits, then expense individual items using that limit. For example, if you establish $1,100 as the limit and buy a computer for $900, the computer is expensed rather than depreciated.
Bonus Depreciation.
To qualify for percent bonus depreciation, the original user of the property must be the taxpayer and the property must be:
- Modified Accelerated Cost Recovery System (MACRS) property with 20 years or less of recovery period
- Water utility property
- Depreciable computer software
- Qualified leasehold improvement property
Section 179.
Similar to Bonus Depreciation, Section 179 allows you to expense in full your acquired assets (up to certain limits). Most equipment, such as furniture and fixtures (MACRS property) qualifies for Section 179 treatment.
Though there are limits on S-179 and bonuses, the savings ranges for your business can vary from $3000 to unlimited! There’s a huge cash opportunity in this depreciation, and I can help you maximize it:
Have your Tax Preparer been in touch with you to review how much in taxes you'll save this year?
If they have not, schedule a free zoom call today with one of our tax specialists, we’d love to help you reduce your tax bill.
secure plus financial
Related Updates
Is your CPA maximizing your Tax Savings?
Almost all the clients we helped already have a bookkeeper, accountant, or CPA; some are even their family members or friends. Unfortunately, we found it is very rare that they are also tax strategists.
Maximize tax savings with Late S Elections
The IRS will facilitate the grant of relief to late-filing S Elections entities by consolidating many other revenue procedures.
Taxing your S-Corporation as a C-Corporation
A C-Corporation structure may be more beneficial. Under the Tax Cuts and Jobs Act, corporate income tax rates are a flat 21% compared to individual tax rates.
Schedule C to S-Corporation Tax Strategy
If you are a sole-proprietor operating with an LLC, you can elect to be treated as an S-corporation for tax purposes.
Claiming your Home Office as your Primary Office
If you have a business location outside of your home, but also maintain a home administrative office to run your business, you can claim the home office as your primary office.
5 Medical Reimbursement Tax Strategies
There are several medical reimbursement tax planning strategies available for your business. They diverge in their capacity to establish tax savings.
Claiming Tax Deductions for Fringe Benefits
Confirm your assets are being depreciated and properly capitalized. Often, your accountant might not be doing this properly.
4 Health Care Tax Strategies for your business
Health Care is one of the most powerful tax strategies available to maximize the tax savings of your business. As a business owner, you have more options to save on healthcare and insurance costs.
Maximize the Depreciation of your Assets
Confirm your assets are being depreciated and properly capitalized. Often, your accountant might not be doing this properly.