Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details. First-Year Depreciation Breaks The Tax Cuts and Jobs Act (TCJA) allows unlimited 100% first-year bonus depreciation for qualifying new and used assets (including eligible vehicles) that are acquired…
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A Brief History of Estate Taxes
Federal estate taxes have been a source of funding for the federal government almost since the U.S. was founded. For Richer or Poorer Regardless of your net worth, it’s critical to understand your choices when developing an estate strategy. In 1797, Congress instituted a system of federal stamps that were required on all wills offered…
A Closer Look at the Excess Earnings Method
The Excess Earnings Method was originally created to compensate wineries and distilleries during Prohibition. Valuation experts often criticize this method, calling it ambiguous, over-simplified or outdated. But it’s still used in some jurisdictions as a way to value small businesses and professional practices, especially in a divorce setting. The Excess Earnings Method is the subject of IRS Revenue…