When a building asset hits your books as a fixed asset, whether due to purchase, construction, or renovation, the straight-line depreciation method tells us to plop it in one of two bins, 39-year properties or 27.5-year properties, and await your taxable income deductions for each year of the recovery period. By redefining the recovery period
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Once again, Congress has passed tax legislation just before Christmas. This year, the tax provisions were attached to an enormous spending bill. The tax portion contains two general areas of change – extending previous deductions/credits and new retirement plan changes. The extension of previous deductions and credits are generally only extended for one year. Here
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Many wealthier taxpayers no longer itemize their deductions and instead are taking the standard deduction for income tax purposes. For 2019 the standard deduction is $12,200 for individuals and $24,400 for married couples filing jointly. This is a significant increase from just two years ago in 2017 when it was only $6,350 for single filers
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It’s been more than a year since the U.S. Supreme Court allowed states to tax online sales in its South Dakota v. Wayfair, Inc. (“Wayfair”) ruling on June 18, 2018. But the ramifications of this landmark decision are still developing as states scramble to take advantage of the opportunities it offers to raise more revenue,
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The U.S. Supreme Court sided, 5-4, with South Dakota in South Dakota v. Wayfair, allowing South Dakota to keep its law requiring internet retailers with no physical presence (property or employees) in South Dakota to collect sales taxes from customers and remit them to the State of South Dakota.
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