BHT&D Certified Public Accountants Blog

Extender Bill: Do You Benefit?

Posted by Joe Turnes on Mon, Mar 19, 2018 @ 07:00 AM

Congress passed the Budget Bill early in the night, and the President signed it on Friday, February 9th. To the surprise of many, the bill included a number of extenders that retroactively apply to 2017 returns. Were you lucky enough to benefit?

Needless to say, these last-minute changes may create a problem for taxpayers who have already filed their returns and will need to file amended returns to take advantage of these extenders. The retroactive changes will cause the IRS some headaches as well. Since the 2017 forms do not accommodate some of the extended provisions, the IRS will have redesign and issue updated forms or provide workaround procedures.

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Tags: Depreciation Deduction, Small Business, Individual Tax, Tax extenders

A Summary Of The Tax Cuts And Jobs Act Of 2017

Posted by Joe Turnes on Mon, Jan 22, 2018 @ 09:00 AM

The Tax Cuts and Jobs Act was signed into law on December 22, 2017.  This law means significant changes for both individuals and businesses.  While all changes are not listed below, it does include a good summary of the legislation that could impact you or your business.  Most changes will take effect for 2018 – those with an effective date other than 2018 have been noted: 

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Tags: Depreciation Deduction, Business Tax, Estate and Gift Tax, Tax Reform, Individual Tax

Five Ways To Reduce Your Farm Income Taxes

Posted by Joe Turnes on Mon, Mar 06, 2017 @ 08:00 AM


Good tax planning and working with an accountant specializing in your field are key factors for agribusinesses in managing their tax liability.  As we head into the end of the year, here are five things to keep in mind to be prepared for next tax season:

1.  Tax PlanningDetermining your year-to-date income PRIOR to the end of the year and planning for an appropriate income level is 

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Tags: Agriculture, Tax Planning, Depreciation Deduction, Farm Taxes

Depreciation Options For 2016 Provide Significant Opportunities For Year-end Tax Planning.

Posted by Aric Salgat on Mon, Oct 24, 2016 @ 07:00 AM

Several provisions of the Protecting Americans from Tax Hikes Act of 2015 (PATH) impact Code Section 179 and taxpayer’s depreciation options beginning in 2016.  The highlights of those changes include the following:

  1. The elevated expensing limitation and the phase out limits have been made permanent and indexed for inflation. For 2016,
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Tags: Tax Planning, Depreciation Deduction, Section 179

Will "The 2014 Tax Increase Prevention Act" Affect My Tax Return?

Posted by Joe Turnes on Mon, Jan 05, 2015 @ 01:08 PM

More than 50 individual and business tax deductions and credits were signed into law in December 2014 as part of “The Tax Increase Prevention Act”. 

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Tags: Tax Provisions, Tax Deductions, Retirement Plan, Depreciation Deduction, Tuition, Section 179, Work Opportunity, Classroom Expenses, Local Income Tax, Tax Credit, IRA, Mortgage, Sales Tax, State Income Tax

Should I Lease or Purchase Equipment For My Business in 2014?

Posted by Joe Turnes on Thu, Jul 03, 2014 @ 01:39 PM

We are often asked whether it is better to lease or purchase business equipment.

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Tags: Small Business Accounting, Depreciation Deduction, Lease or Purchase Equipment

How to Correct a Prior Year Depreciation Deduction Error

Posted by Dwayne Houghton on Tue, Aug 06, 2013 @ 09:00 AM

From time to time when we pick up new clients we find that the depreciation deduction that was taken for a client is incorrect. This can result from using an incorrect life or method of depreciation for a particular asset or group of assets, or from an asset never being depreciated. In addition to the obvious loss of a deduction, it can also have negative results when you sell an asset that was used in your trade of business.

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Tags: Tax Deductions, Depreciation Deduction