Tax structures are changing. A newly published article from US Tax Professionals in Vancouver looks at what businesses need to know
North Vancouver, BC -- (ReleaseWire) -- 12/20/2019 --
Keeping a close eye on tax changes ensures that business owners can implement tax-cutting strategies and pay what's owed, without attracting the wrath of the IRS. Some of the topics tackled in the article include standard mileage rates, the health care tax credit for small businesses, expensing and depreciation, the work opportunity tax credit, and simple IRA plan contributions.
For example, "Under the Tax Cuts and Jobs Act of 2017, the Section 179 expense deduction increases to a maximum deduction of $1.02 million of the first $2.55 million of qualifying equipment placed in service during the current tax year. The deduction was indexed to inflation for tax years after 2018 and enhanced to include improvements to nonresidential qualified real property such as roofs, fire protection, and alarm systems and security systems, and heating, ventilation, and air-conditioning systems.
Businesses are allowed to immediately deduct 100% of the cost of eligible property placed in service after September 27, 2017, and before January 1, 2023, after which it will be phased downward over a four-year period: 80% in 2023, 60% in 2024, 40% in 2025, and 20% in 2026. The standard business depreciation amount is 26 cents per mile (up from 25 cents per mile in 2018."
Constant changes in financial accounting standards make preparing financial statements a highly technical and time-consuming task. As a team of tax accountants, the staff at
US Tax Professionals in Vancouver provides well-organized solutions to meet different needs, including financial statement preparation and business accounting. Their analysis ensures getting the timely and accurate information needed to manage any business
Take advantage of a full range of business tax preparation decisions with strategies that minimize tax liabilities. For Canadians or Americans who are doing business cross-border and need to reassess their tax situation, the team at
US Tax Professionals in Vancouver can provide guidance, insight, and support. Call (604) 281-3318 to get started.
About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.
For more information, visit
http://www.us-taxprofessionals.com/ or call (604) 281-3318.
US Tax Professionals
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Email: Click to Email Mark Schiffer