Frazer LLP Blog

Buy those business assets now

Nov 30, 2018 11:09:00 AM / by Christopher Pham, CPA posted in Tax, Business Expense Deductions, deductions

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The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability with these breaks, but you need to act soon.

 

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How should I document business expense deductions?

Sep 19, 2016 3:58:09 PM / by Jane Warren, CPA posted in Tax, Business Expense Deductions

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If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions: insufficient records and destroyed documents.

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