Here are some annual inflation adjustments for 2014
Are you prepared for the new year? January is our busiest month at the Fisher CPA Firm for tax preparation. The first priority for small business clients in January is to close the December books, then file all of the year-end tax returns. We are available to help you complete this “tax” task. Additionally, let us sit down with you to review your business tax as well as your personal tax situation. We work diligently to minimize your federal income tax burden using every available tool the IRS gives us. For example, did you know that commercial property is supposed to be depreciated according to the definition of the asset? In other words, if the asset is considered “tangible personal property” it should be depreciated over 5- or 7-year periods. If the asset is considered to be “land improvements” then it should be depreciated over a 15-year period. The process for identifying qualifying assets is called cost segregation.
This is just one example of the many tax reduction strategies we can employ to help you keep more of your money.
Contributed by Roy Fisher, CPA, of the Fisher CPA Firm PC