The Section 179 deduction has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of depreciating them over time. For 2019, the maximum deduction is $1.02 million, subject to a phaseout rule if more than $2.55 million of eligible property is placed in service during the tax year. Even better, the Sec. 179 deduction isn’t the only avenue for immediate tax write-offs for assets such as machinery and equipment. Under the 100% bonus depreciation tax break, the entire cost of eligible assets placed in service in 2019 can be written off this year. Click here to contact us about how your business can maximize the deductions.
Here are some key tax-related deadlines for businesses and other employers during Quarter 3 of 2019. JULY 31: Report income tax withholding and FICA taxes for Q2 2019 (unless eligible for an Aug. 12 deadline). File a 2018 calendar-year retirement plan report or request an extension. SEPT. 16: If a calendar-year partnership or S corp. that filed an extension, file a 2018 income tax return. If a calendar-year C corp., pay the third installment of 2019 estimated income taxes. Contact us for more about the filing requirements and to ensure you meet all applicable deadlines.
Here are a few key tax deadlines for businesses during Q2 of 2019. APR. 1: File with the IRS if you’re an employer that will electronically file 2018 Forms 1097, 1098, certain Forms 1099 and/or Form W-2G. APR. 15: If you’re a calendar-year corporation, file a 2018 income tax return (Form 1120) or file for a six-month extension (Form 7004) and pay any tax due. APR. 30: Employers report income tax withholding and FICA taxes for Q1 2019 (Form 941) and pay any tax due. Contact us to learn more about filing requirements and ensure you meet all applicable deadlines.
Weekly Tax Tips 2018 Let’s get this 2018 post-filing tax party started! – Don’t Mess With Taxes http://bit.ly/2CzfF4W
Business meals remain deductible at old tax law 50% level http://bit.ly/2IK37bf
Navigating the 3 estimated tax penalty safe harbors http://bit.ly/2QpLZex
Next tax cut will help middle class save for retirement, college: Grover Norquist https://fxn.ws/2NyVucN
Here are a few key tax-related deadlines for businesses and other employers during Quarter 4 of 2018. OCT. 15: If a calendar-year C corp. that filed an extension, file a 2017 income tax return. OCT. 31: Report income tax withholding and FICA taxes for Q3 2018 (unless eligible for Nov. 13 deadline). DEC. 17: If a calendar-year C corp., pay fourth installment of 2018 estimated income taxes. Contact us for more about the filing requirements and to ensure you’re meeting all applicable deadlines.