MONARCH ACCOUNTING GROUP
  • Home
  • Solutions
    • CFO Services
    • Cloud ACCOUNTING
    • Bookkeeping Services
    • QuickBooks Training
    • Income Taxes
    • Other Services
  • Resources
    • Tax Rates
    • SmartVault
    • Tax Tips
    • Tax Organizer
    • Record Retention Schedule
  • Reviews
  • Meet Us
  • Blog
  • Contact Us

10 Tax-Savvy Business Moves to Make Before 2019

11/5/2018

0 Comments

 
Picture

​Even though 2019 is just around the corner,
you still have time to take action and save on
your business tax bill.

​Here are 10 ideas to consider:


1.Buy equipment. Generally, you can claim an immediate Section 179 deduction (plus bonus depreciation for any remaining cost) for qualified property placed in service within generous limits in 2018 - no matter how late in the year this occurs.
 
2.Stock up on supplies. If you pay for incidental office supplies before year-end, the full cost is deductible in 2018, even if you don't use all the supplies this year.
 
3.Throw a holiday party. Despite recent tax law changes, your business can still deduct 100 percent of the cost of a holiday party for your entire team.
 
4.Fix up the premises. Under recent regulations, you can deduct the cost of minor repairs, but capital improvements must be written off over time.
 
5.Dole out bonuses. Bonuses paid to your employees before 2019 are deductible in 2018, but are also taxable to the employees this year.
 
6.Move up business trips. If you accelerate a long-distance business trip planned for next year, you can increase your 2018 travel expense deduction, including write-offs for reasonable lodging costs and round-trip airfare.
 
7.Try to collect debts. By making genuine collection efforts, you can secure a deduction in 2018 for bad debts that have become worthless.
 
8.Switch inventory accounting. If prices in your industry are escalating, you might switch from the "First in, First Out" (FIFO) method to "Last In, First Out" (LIFO) to reduce your taxable gain.
 
9.Send employees to school. Your business can deduct education provided to employees under a qualified plan. Up to $5,250 of benefits are tax-free to employees.
 
10.Get a head start. Finally, if you're getting a business off the ground, you may take a deduction of up to $5,000 of qualified startup costs.

Please call our office if you have questions about your year-end business tax plan.

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    BLOG

    To better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful!


    CATEGORIES​

    All
    Business Owners: Must Know
    IRS Tax Tip
    Monthly Newsletter
    Tax Return: Must Know
    Tax Tip Of The Week


    ARCHIVES

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015

    RSS Feed

Picture
Picture
Picture
Picture
Phone: (630) 320-3720

Monarch Accounting Group Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527-7836
Email: Info@MonarchAccountingGroup.com


Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
  • Home
  • Solutions
    • CFO Services
    • Cloud ACCOUNTING
    • Bookkeeping Services
    • QuickBooks Training
    • Income Taxes
    • Other Services
  • Resources
    • Tax Rates
    • SmartVault
    • Tax Tips
    • Tax Organizer
    • Record Retention Schedule
  • Reviews
  • Meet Us
  • Blog
  • Contact Us