November 24th, 2016

TAX TIP OF THE DAY... 
If your small business needs LARGE tax breaks before year-end, then don't play around.  These are the BIG 4:
1) Upgrade equipment before 12/31 and expense in full.
2) 2015 SEP pension-- you can start and fund as late as 10/15/16.
3) LLCs... make a retroactive election to be taxed as an S corp for 2015.  
4) Expense the full price of a heavy SUV or truck purchased by 12/31.  Special bonus loophole-- use 100% for business during December and it won't matter if you have personal use in later years (as long as you maintain at least 50% business use).  

SHARE WITH A SELF-EMPLOYED FRIEND.  If you need any help... www.baboiancpa.com