TAG: taxes

Government Affairs: Will the federal tax bill help your business?

December 4, 2017By

  As I am writing this blog, the U.S. Senate is debating its version of a tax bill that could dramatically change the country, from the way that our businesses operate to how we make personal decisions about where to live. When the Senate’s version of the tax bill passes it will go to a conference committee where the House... read more

Business Basics: Principles of tax depreciation

February 19, 2016By
Photo: istock.com/Stephan Zabel

Many tax deductions were made permanent and several were extended for two or more years as part of the 2016 omnibus budget bill signed into law late last year. For landscape professionals, the most critical parts of the tax extender law are the Section 179 expensing and the bonus depreciation provision. The big change this time around is the increased Section... read more

Web Extra: Taxes and retirement planning

December 1, 2015By

In addition to other tax-minimizing strategies, don’t forget about your 401(k). The tax savings associated with maxing out your retirement plan for 2015 is $18,000. For a taxpayer in the 25 percent tax bracket, that equals a tax savings of $4,500. The catch-up contribution limitation for individuals age 50 and older is $6,000. That translates into another $1,500 of savings... read more

Business Basics: Minimizing your taxes now

December 1, 2015By

While tax prep season doesn’t begin for many people until late January, now is the time to reduce your 2015 tax; waiting until 2016 is really just reacting. There’s no significant increase in marginal rates on the horizon, which makes planning easier. But hold on. The section 179 accelerated write-off for certain assets has again been reset to a maximum... read more

Be a tax master

November 7, 2014By

Jan. 1 marked the end of a popular tax reduction tool, the Section 179 deduction, which expired under the American Tax Relief Act of 2012 (ATRA). The Section 179 deduction allowed small businesses to expense some assets in the year of purchase, rather than having to depreciate the purchase over its useful life. Those assets included equipment, vehicles, software, furniture... read more

What if I get audited?

October 11, 2013By

All land care professionals need to maintain accurate financial records. The most obvious reasons for doing so is to assess the results of operations against past periods, analyze current budgets or to formulate future projections. Moreover, for ownership and management, this is an internal need to monitor and improve the business. Yet there’s an external partner in your business needing... read more