Deductions

Benefits of Tax Planning

Benefits of Tax Planning

During our tax season interviews at Predovich & Company, we find that many clients would have realized substantial tax savings if they had talked to us prior to taking certain taxable actions. Some areas where a pre-planning appointment with one of our CPAs may help you: Discuss your life goals Change in employment status Review […]

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Recovery Act Reminders for 2009

Filed in Deductions, Small Business, Tax Credits, Tax Law by on October 20, 2009
Recovery Act Reminders for 2009

Income Net operating losses – The ARRA amended IRC Sec. 172(b)(1)(H) to allow eligible small businesses to carry back a 2008 net operating loss up to five years instead of the otherwise available two-year limit. To be eligible for the longer carryback period, the loss must arise from an eligible small business – a proprietorship, […]

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Year-end Planning for Capital Goods Purchases in an Uncertain Legislative Environment

Filed in Deductions, Small Business, Tax Law by on September 1, 2009
Year-end Planning for Capital Goods Purchases in an Uncertain Legislative Environment

Encouraging news from the U.S. Census Bureau about increases in orders for and shipments of manufactured durable goods, and higher nondefense orders for capital goods show that businesses, finally, are loosening their purse strings. And, from the tax viewpoint, now is a good time to buy, too, thanks to the availability of bonus first year […]

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Substantiation of Business Cell Phone Usage

Substantiation of Business Cell Phone Usage

There’s a serious move afoot to simplify substantiation of business cell phone use.  Additionally, legislation has been introduced to remove cell phones from the Code Sec. 274 listed property category.  And in a June 26 statement, IRS Commissioner Doug Shulman said that current law on personal usage of employer provided cell phones is “burdensome, poorly […]

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