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Free Federal Tax Advice

Buyers of business vehicles get lots of breaks under the new tax law. The annual depreciation caps for passenger autos have risen sharply. If bonus depreciation is claimed, the first-year ceiling is $18,000 for cars acquired after Sept. 27, 2017, and put into service in 2018. The second- and third-year caps are $16,000 and $9,600. After that…$5,760.  For autos bought before Sept. 28, 2017, but placed in use during 2018, the first-year cap with bonus depreciation is $16,400. If no bonus depreciation is taken, the first-year ceiling drops to $10,000. Note that bonus depreciation now applies to both new and used business vehicles.

  • The standard mileage rates you can use to calculate your deductible vehicle expenses during 2016 for business, medical, and moving mileage have decreased from last year. Here's a recap.

  • When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of attractive tax breaks.

  • By Jerry Lopatka, Managing Principal

    Jerry Lopatka is Dugan & Lopatka’s managing principal. He specializes in business tax planning for privately-held companies and has extensive experience in the areas of corporate tax, LLCs, real estate transactions, and succession planning.  This article appeared in the November 9, 2015, edition of the Daily Herald Business Ledger.

  • Almost any taxpayer who owns commercial real estate can reduce his or her current income tax bill by using cost segregation. Just how much you save in taxes will depend on several variables.  The greater the cost of your property, the greater the potential for current tax savings.

    Any building that was constructed, purchased, or remodeled since 1987 may be eligible for cost segregation. Retroactive tax deductions are available on older buildings without the need to file amended tax returns.

  • If you own a building you may be overlooking a very important tax deduction that, if applicable, can provide substantial tax savings for your business.

  • For most businesses, the end of a year is a busy time.  It's important that you get your business off to a good start in the new year by closing the books on the prior year and preparing and filing the 1099 forms by the end of January.

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By Dugan Lopatka - Accountants for Midsize Businesses in Chicago:  CPAs for Small Businesses

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