As we mentioned last week, we recently received information from the Bradford Tax Institute, from which we receive tax articles on a regular basis. We thought this information would be beneficial for those who read our newsletter.
This information gives 7 ideas of how to save money at year end that your business does not have to declare as profit or as taxable income.
We will send two ideas a week for the next 4 weeks. Here is the last Installment.
7. Deal with Your Qualified Improvement Property (QIP)
In the CARES Act, Congress finally fixed the qualified improvement property (QIP) error that it made in the TCJA.
QIP is any improvement made by the taxpayer to the interior portion of a building that is non-residential real property (think office buildings, retail stores, and shopping centers) if you place the improvement in service after the date you place the building in service.
If you have such property on an already filed 2018 or 2019 return, it’s on that return as 39-year property. You now have to change it to 15-year property, eligible for both bonus depreciation and Section 179 expensing.
I trust that you found the seven ideas worthwhile.
If you would like to discuss any of them, please call me on my direct line 833-772-8848.
When you’re starting your business you do all that you can
To get things in order and come up with your business plan
But as you get started you head starts to spin
And you say to yourself, “what have I gotten myself in
I had no idea how much work it would be
Do I set up a corporation or just an LLC”
Well we can help you to straighten out the mess
And help set things up so you don’t have to guess
Unlike all the others that just get your structure in place
We stand beside you and help you with the challenges you face
So don’t pick the path that makes you learn from your mistakes
Someone’s already done that so let’s avoid all the aches
Thank you for reading this poem all the way through
Let us be your A-Team and we’ll take the stress off of you
Own Nothing; Control Everything!