TAX PRO PLUS LA

De Minimis Expense Election Required Before Year End

Small businesses can adopt an accounting procedure that allows them to expense, rather than to capitalize, the purchase (cost) of tangible business property. Generally, the maximum that can be expensed under this provision is whatever amount the business decides between $1 and $2,500 per item or per invoice. So if you have not adopted the accounting procedure, you have until December 31, 2016, to do so for 2017. (The rules require that the accounting procedure be in place as of the beginning of the business's tax year.)

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Year-End Investment Moves

If you invest in publicly traded securities, here are a couple of tax-saving possibilities you shouldn't forget to consider before year-end.

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Liberal Expensing Limits Can Create Major Year-End Tax Savings

Businesses seeking to increase deductions by acquiring machinery and equipment before year-end have an impressive array of tools to work with:

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Having a Low Taxable Income Year? Ways to Take Advantage of It

Being unemployed, having had an accident that’s kept you from earning income, incurring a net operating loss (NOL) from a business, having an NOL carryover from a prior year, suffering a casualty loss or other incidents that result in abnormally low taxable income for the year can actually give rise to some interesting tax planning strategies.

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Habits That Threaten Your Identity and Pocketbook

They're just old habits. You likely to do them without even thinking. But these habits could be making you vulnerable to hacks, scams, ID theft and Internet phishing schemes out to separate you from your hard-earned money.

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