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Year-End Tax Planning for Business Owners
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As the end of the year approaches, small business owners need to meet with accountants or tax preparers to review tax-planning strategies.
LAW OFFICE OF DAVID PARKER PLLC www.parkertrustlaw.com
VIDEO BLOG
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LAW OFFICE OF DAVID PARKER PLLC www.parkertrustlaw.com
VIDEO BLOG
The holidays are on us, and every business owner knows that this means it’s time to plan tax strategies for the best way to protect what your business has earned. To that end, Businessweek has an end-of-year checklist for your consideration.
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LAW OFFICE OF DAVID PARKER PLLC www.parkertrustlaw.com
VIDEO BLOG
An important thing for the small business owner to keep in mind in the context of New York asset protection is that the tax code for 2011 has some special deductions for new equipment. This is especially important if you’re involved in an expansion or just starting one. The terms of the tax and jobs bill passed in 2010 hold that a business can deduct the entire cost of equipment purchased (new or used) up to $500,000 (i.e., twice what was possible in 2010 and several times the scheduled amount of $125,000 for 2012).
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LAW OFFICE OF DAVID PARKER PLLC www.parkertrustlaw.com
VIDEO BLOG
Normally, the deduction is limited to the depreciated value of the equipment over its life. If you do buy more than $500,000 in new equipment, you can use the special “bonus” depreciation up to $2 million. A lot can be done with this special deductions. You might even want to consider moving your planned expansion forward if it’s scheduled for next year to take advantage of them.
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LAW OFFICE OF DAVID PARKER PLLC www.parkertrustlaw.com
VIDEO BLOG
If you’re a small business owner, your business is likely to be entwined in your personal life, and important for considerations of NY estate planning and other individual financial matters. If you are at the helm of an S-Corp or an LLC this is especially relevant and you’ll want to consider how your business finances and personal ones fit together for tax purposes.
Law Office of David Parker
Estate Planning and Elder Law www.parkertrustlaw.com
