IRS highlights credits and deductions for businesses during Small Business Week WASHINGTON — During Small Business Week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. This year, National Small Business Week is May 5-11. For more than 50 years, the week has recognized the… Read More »
Businesses should review depreciation deductions rules Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, except land. Tangible… Read More »
IRS Grants Tax Relief Extension to Drought-Stricken Farmers, Ranchers; 37 States and Puerto Rico Affected If you are a farmer or rancher forced to sell your livestock because of the drought that affects much of the nation, special IRS tax relief may help you. The IRS has extended the time to replace livestock that their… Read More »