Tax Strategist: In the Market for a New Business Vehicle?

There is one tax loophole on the books that is large enough to drive a truck through…literally. Due to a provision in the new 2010 Tax Relief Act, you can write off most or all the entire cost of a heavy-duty SUV placed in service this year—without the usual restrictions. But you should move fast if you are in the market for a new business vehicle. Congress may soon undo the unexpected windfall created by the new tax law.

Tax Strategist: Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

The recently enacted Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is a sweeping tax package that includes, among many other items, an extension of the Bush-era tax cuts for two years, estate tax relief, a two-year patch of the alternative minimum tax (AMT), a two-percentage-point cut in employee-paid payroll taxes and in self-employment tax for 2011, new incentives to invest in machinery and equipment, and a host of retroactively resuscitated and extended tax breaks for individuals and businesses.

Cost Segregation

If you own a residential rental or commercial building, you may be eligible for substantial tax breaks for depreciating your property through a cost segregation analysis. For more information on how different types of buildings are depreciated and what items may qualify for accelerated depreciation methods, read this C.P.A. Insight.