Category: BUSINESS ARTICLES
Like tax breaks? You’ll love this. Tax deductions based on depreciation are useful for any business, especially those in transportation, distribution, logistics and manufacturing, where companies regularly invest in equipment and other property. But what if you didn’t have to wait years for your deduction? What if you could take advantage of your entire tax-break upfront? With accelerated depreciation, you can.
Companies that engage in research and development (R&D) activities are facing major changes in the deductibility of these expenses. Historically, the costs incurred for R&D activities was immediately deductible. Beginning January 1, 2022, costs incurred for R&D activities will have to be capitalized and amortized over 5 years for research activities performed in the U.S. and 15 years for those performed outside the U.S.
Outsourced accounting services are designed to help you save time, save money, and gain access to a wide range of financial solutions and expertise.
In a highly competitive and complex market, outsourced accounting offers manufacturers a way to simplify their operations, increase profitability, navigate change, and build a more resilient business.