Frazer LLP Blog

Buy those business assets now

Nov 30, 2018 8:09:00 AM / by Christopher Pham, CPA posted in Tax, Business Expense Deductions, deductions


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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Home green home

Nov 13, 2018 5:49:00 AM / by Leland Kootstra posted in Tax, Alternative Energy, deductions, Green


“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.


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What can you deduct when volunteering?

Nov 6, 2018 5:22:00 AM / by Cindy Lim, CPA posted in Tax, Community Involvement, deductions



Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case.

Donations of time or services aren’t deductible. It doesn’t matter if it’s simple administrative work, such as checking in attendees at a fundraising event, or if it’s work requiring significant experience and expertise that would be much more costly to the charity if it had to pay for it, such as skilled carpentry or legal counsel.

However, you potentially can deduct out-of-pocket costs associated with your volunteer work.



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Tax Breaks for Teachers

Oct 2, 2018 9:05:00 AM / by Kaylene Edwards, CPA posted in Tax, deductions, Teachers



When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Jobs Act (TCJA).



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Charitable Deductions

May 9, 2018 4:00:00 AM / by Jamie Fortin, CPA posted in Charitable Donations, tax bill, deductions


When planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate.

Type of gift

One of the biggest factors affecting your deduction is what you give:

Cash. You may deduct 100% gifts made by check, credit card or payroll deduction.

Ordinary-income property. For stocks and bonds held one year or less, inventory, and property subject to depreciation recapture, you generally may deduct only the lesser of fair market value or your tax basis.

Long-term capital gains property. You may deduct the current fair market value of appreciated stocks and bonds held for more than one year.

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