Accounting

Owners of “pass-through” businesses may see some major (albeit temporary) relief under the Tax Cuts and Jobs Act (TCJA) in the form of a new deduction for a portion of qualified business income (QBI). For tax years beginning after Dec. 31, 2017, and before Jan. 1, 2026, owners of entities such as sole proprietorships, partnerships,

Buying a business vehicle by December 31 can reduce your 2017 tax bill. The vehicle may qualify for Sec. 179 expensing, allowing you to immediately deduct, rather than depreciate over several years, some or all of the cost. The normal Sec. 179 expensing limit of $510,000 generally applies to vehicles weighing more than 14,000 pounds.

At this time of year, it’s common for businesses to make thank-you gifts to customers, employees and other business entities. Unfortunately, tax rules limit the deduction for business gifts to only $25 per person per year. But there are exceptions. Here are three: 1) gifts to a company for use in the business, 2) incidental