How heavy SUVs, pickup trucks can be big tax-savers for the self-employed ?

A smart tax saving strategy is to always buy something outside the regular passenger auto classification. Heavy trucks, SUVs and vans are eligible for higher depreciation in 2018. The maximum depreciation exclusion for heavy SUV s under the section 179 depreciation is $25,000 Under the new Tax Cuts and Jobs Act, to qualifyRead more about How heavy SUVs, pickup trucks can be big tax-savers for the self-employed ?[…]

24 Nov

TaxPro Posted in Tax No comments

How to maximize tax benefits for sale of personal residence?

Did you sell your personal residence this year ? Did you repurchase/upgrade to a newer home? If yes, then the below article provides useful information to keep in mind regarding tax benefits. Consult a tax professional for more information. As per the IRC Section 121 home sale gain exclusion rules, married couples can excludeRead more about How to maximize tax benefits for sale of personal residence?[…]

11 Nov

TaxPro Posted in Tax No comments

Benefits of tax planning

With the 2018 changes in the tax law, there are many tax saving opportunities for your business and family. We define tax planning under three key steps : Identifying key areas or Diagnostic test: This step is the process of identifying areas/ sources of income that may require you to pay the highest amount ofRead more about Benefits of tax planning[…]