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A cost segregation study may cut taxes and boost cash flow
/in News, Tax Tips - Business/by Betty KimIs your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. Depreciation basics Business buildings generally have a 39-year depreciation period […]
Tax Return Red Flags for Schedule C Filers
/in News, Tax Tips - Business, Tax Tips - Individual/by Betty KimIn the complex landscape of business taxes, Schedule C expenses and entity optimization hold significant weight. Proper documentation and reconciliation, guided by a trusted accounting professional, are more than just best practices – they are vital for audit prevention and ensuring a successful financial trajectory. Why Is This So Important? Specific scenarios increase the likelihood […]
What types of expenses can’t be written off by your business?
/in News, Tax Tips - Business/by Betty KimIf you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general […]