Kate Protsenko-Blake CPA

Posted in: Articles, Tax, Tax Tips

Tax depreciation rules for business automobiles

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. Cents-per-mile vs. […]

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David Reape CPA

Posted in: Articles, Tax, Tax Tips

Tax breaks to consider during National Small Business Week

3 Tax Breaks The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim bonus depreciation or a Section 179 deduction for asset additions Under current law, 100% first-year bonus depreciation is available for qualified new […]

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David Reape CPA

Posted in: Articles, Tax, Tax Tips

Claiming a theft loss deduction if your business is the victim of embezzlement

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do. Basic rules for theft losses The tax code […]

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David Reape CPA

Posted in: Articles, Tax, Tax Tips

Want to find out what IRS auditors know about your business industry?

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use […]

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Ed Decker CPA

Posted in: Articles, Tax, Tax Tips

Possible tax consequences of guaranteeing a loan to your corporation

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser, or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you’re required to pay principal or […]

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