The late-2017 tax overhaul known as the Tax Cuts and Jobs Act (TCJA) is the most sweeping change to the federal tax code in at least 30 years. It calls for lowering individual and corporate tax rates, repealing many tax credits and deductions, enhancing the child tax credit, boosting business write-offs, and more. The law
They say nothing in life is certain except for death and taxes. In most parts of the world, taxes are part of life and certainly part of running an engine building business. In the US, large expenses associated with running an engine building business are federal, state and local taxes.
You may be tempted to forget about your taxes once you’ve filed your tax return, but did you know that if you start your tax planning now, you may be able to avoid a tax surprise when you file next year? Now is a good time to set up a system so you can keep your tax records safe and easy to find. Here are six tips to give you a leg up on next year’s taxes.
Shop owners who are focused on serving their customers and operating efficiently are taking a little extra time to also get their financial house in order. They realize the value of the ABCs of a well-managed business: A for attorney, B for banker and C for CPA. These trusted advisers could help you focus on your customers and your business, while also ensuring you operate legally, effectively and profitably.
While the fate of several business-related tax extenders such as R&D credits, bonus depreciation and Section 179 expensing that expired at the end of 2013 is uncertain, there are still a number of end of year tax strategies businesses can use to reduce their tax burden for 2014.
One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people. The old legal saying that “ignorance of
It is to your benefit to review your income and expenses monthly and meet with your CPA or tax advisor quarterly to analyze how you can take full advantage of the provisions, credits and deductions that are legally available to you. Running a hands-on engine shop can keep you pretty busy and at times, you