Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies.

购买资产

Thinking about buying new or used equipment, 机械 or office equipment in the new year? Buy them and place them in service by December 31, and you can deduct 100% of the cost as bonus depreciation. ca88苹果手机登录 for details on the 100% bonus depreciation break and exactly what types of assets qualify.

Bonus depreciation is also available for certain building improvements. Before the 2017 税 Cuts and Jobs Act (TCJA), bonus depreciation was available for two types of real property: land improvements other than buildings (for example fencing and parking lots), and “qualified improvement property,” a broad category of internal improvements made to nonresidential buildings after the buildings are placed in service. The TCJA inadvertently eliminated bonus depreciation for qualified improvement property. However, the 2020 CARES Act made a retroactive technical correction to the TCJA. The correction makes qualified improvement property placed in service after December 31, 2017, eligible for bonus depreciation.

Keep in mind that 100% bonus depreciation has reduced the importance of 证券交易委员会tion 179 expensing. If you’re a small business, you’ve probably benefited from 证券交易委员会. 179. It’s an elective benefit that, 以美元限额为准, allows an immediate deduction of the cost of equipment, 机械, “off-the-shelf” computer software and some building improvements. 证券交易委员会. 179 expensing was enhanced by the TCJA, but the availability of 100% bonus depreciation is economically equivalent and thus has greatly reduced the cases in which 证券交易委员会. 开支是有用的.

注销一辆重型车辆

The 100% bonus depreciation deal can have a major tax-saving impact on first-year depreciation deductions for new or used heavy vehicles used over 50% for business. 那是因为重型suv, pickups and vans are treated for federal income tax purposes as transportation equipment. In turn, that means they qualify for 100% bonus depreciation.

具体地说, 100% bonus depreciation is available when the SUV, pickup or van has a manufacturer’s gross vehicle weight rating above 6,000磅. You can verify a vehicle’s weight by looking at the manufacturer’s label, which is usually found on the inside edge of the driver’s side door. If you’re considering buying an eligible vehicle, placing one in service before year end could deliver a significant write-off on this year’s return.

工时扣减及收入

If your business operates on a cash basis, you can significantly affect your amount of taxable income by accelerating your deductions into 2021 and deferring income into 2022 (assuming you expect to be taxed at the same or a lower rate next year).

例如, you could put recurring expenses normally paid early in the year on your credit card before January 1 — that way, you can claim the deduction for 2021 even though you don’t pay the credit card bill until 2022. 在某些情况下, you also can prepay some expenses, such as rent or insurance and claim them in 2021.

至于收入, wait until close to year-end to send out invoices to customers with reliable payment histories. Accrual-basis businesses can take a similar approach, holding off on the delivery of goods and services until next year.

考虑所有角度

Bear in mind that some of these tactics could adversely impact other factors affecting your tax liability, such as the qualified business income deduction. ca88苹果手机登录 to make the most of your tax planning opportunities.

谢谢你 汤森路透(Thomson Reuters) 用于使用此内容.