Tag Archives | business deductions

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The Home Office Deduction

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. Thanks to a tax law change back in 2013, there are now two methods for […]

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Depreciation-Related Tax Breaks on Business Real Estate

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But there are special depreciation-related tax breaks on business real estate available that allow deductions to be taken more quickly for certain real estate investments. […]

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Cost Segregation Study – Accelerate Depreciation Deductions

Cost Segregation Study – Accelerate Depreciation Deductions Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. These studies combine accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. This may […]

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The TCJA and Deducting Pass-Through Business Losses

It’s not uncommon for businesses to sometimes generate tax losses. But deducting pass-through business losses are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct — beginning […]

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