November 2021

The Build Back Better Act is one step closer to becoming law as it passes the U.S. House.

Court Limits Sole Proprietor's Auto Expense Deductions Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business […]

Before you purchase a business vehicle, it's important to review the tax implications. Limitations that stretch out allowable depreciation deductions can increase the after-tax cost of buying a vehicle. Likewise, if you're considering leasing a car to be used for business, remember that lessees of expensive cars must add back a small amount of their annual lease payments when calculating their allowable annual deductions.

As we wind down 2021, you should evaluate your current tax position. Are there any last-minute moves that you can take that could help lower your federal income tax bill? The answer depends on your situation and what tax changes you expect under the Biden administration. A variety of proposed tax-law changes are on the table. With that thought in mind, here are some strategies to consider before year end.