TAX PRO PLUS LA

Ringing Out 2016 in QuickBooks

2017 is just around the corner. Now’s the time to do your end-of-year QuickBooks tasks.

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Time to Start Thinking About Year-End Tax Moves

With year-end just around the corner, it is time to think about those last-minute actions you can take to improve your tax situation for 2016. Year-end tax planning is probably something you will want to deal with before the holiday season crush arrives.

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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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