If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting out a home or apartment that you own may result in a tax loss for you, even if the rental income is more than your operating
depreciation Archives - Crawford Ellenbogen
Dec 28, 2022
Sep 20, 2021
Tax depreciation rules for business automobiles
- By Victor Dozzi
- Business, Taxes
- 0 Comments
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. Cents-per-mile vs.
Dec 22, 2020
Drive more savings to your business with the heavy SUV tax break
- By Joan Ellenbogen
- Business, Taxes
- 0 Comments
Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under so-called “luxury auto” rules, depreciation deductions are artificially “capped.” So is the
Dec 2, 2020
Small businesses: Cash in on depreciation tax savers
- By Joan Ellenbogen
- Business
- 0 Comments
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate
Oct 24, 2019
Accelerate depreciation deductions with a cost segregation study
- By Ellenbogen
- Business
- 0 Comments
Is your business depreciating over 30 years the entire cost of constructing the building that houses your operation? If so, consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits are now even greater than