2 valuable year-end tax-saving tools for your business
- ByPolk & Associates
- Dec, 13, 2019
- All News & Information
- Comments Off on 2 valuable year-end tax-saving tools for your business
Under current law, there are two valuable depreciation-related tools that may help your business reduce its 2019 tax liability. To benefit from the Sec. 179 and bonus depreciation deductions, you must buy eligible machinery, equipment, furniture or other assets and place them into service by the end of the tax year. In other words, you can claim a full deduction for 2019 (up to certain limits) even if you acquire assets and place them in service during the last days of the year. It’s important to note that these deductions may also be used for business vehicles. But, depending on the type of vehicle, additional limits may apply. Please contact us to learn more.
Medical expenses: What it takes to qualify for a tax deduction
- ByPolk & Associates
- Dec, 13, 2019
- All News & Information
- Comments Off on Medical expenses: What it takes to qualify for a tax deduction
Medical services and prescriptions are expensive. You may be able to deduct some expenses on your tax return but the rules make it difficult for many people to qualify. You may be able to time certain medical expenses to your tax advantage. For 2019, the medical expense deduction can only be claimed to the extent unreimbursed costs exceed 10% of your adjusted gross income. You also must itemize deductions. If your total itemized deductions will exceed your standard deduction, moving nonurgent medical procedures and other expenses into 2019 may allow you to exceed the 10% floor. This might include refilling prescriptions, buying eyeglasses, going to the dentist and getting elective surgery.