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
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David S. Baboian, CPA