I hope you found the six suggestions above useful.
Please contact me if you'd like to discuss any of these.
If your taxable income is above $164,900 (or $329,800 on a joint return), then your type of business, wages paid, and property can reduce and/or eliminate your Section 199A tax deduction. If your deduction amount is less than 20 percent of your qualified business income (QBI), then consider using one or more of the strategies described below.
How quickly time goes! Yes, the end of the year is approaching quickly.
That's the last day to look for tax deductions from your existing company and personal (yes, personal) automobiles to lower your 2021 taxes. But don't put it off any longer. Now is the time to act!
Contact me so we can get started!
On or before December 31, 2021, buy and place in service a new or used SUV or crossover vehicle.
The Tax Cuts and Jobs Act gives you bonus depreciation of 100 percent. If you buy and place in service a qualifying used $50,000 SUV, you can claim 90 percent business use. A pickup truck must have a gross vehicle weight (GVWR) of more than 6,000 pounds to qualify for full Section 179 expensing. If the bed-length test isn't met, the truck is still eligible for bonus depreciation.
Please contact me if you'd want to talk about vehicle strategies.
I understand that taxes might be perplexing. That is, after all, why you have me! I'm always available to help. Please contact me if you wish to discuss.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.