Even with the new depreciation options and qualified business income deduction available in the wake of recent tax reform, there are always circumstances in which a taxpayer could require additional current-year deductions. With the help of another element of the Tax Cuts and Jobs Act (TCJA) that took effect in 2018, certain small businesses accounting […]
The Section 199A deduction constitutes one of the most scrutinized and technically challenging elements of the Tax Cuts and Jobs Act of 2017. Created as a means for businesses other than C corporations to keep pace with the corporate tax cut from 35 percent to 21 percent, Section 199A provides a 20 percent deduction for […]
Small business owners historically have been frustrated they’re unable to recover nonresidential commercial real estate costs through depreciation in a reasonable amount of time. Nonresidential real property had been relegated to a 39-year straight line recovery life with no opportunity for accelerated deductions. This unfavorable depreciation period and disappointing annual deduction led real estate investors […]