Law Offices of Robert T. Leonard, APC
Free Consultations Available
Toll Free 888-408-9486
818-224-7935

Year end tax planning tips

While many of our readers are preparing for office Halloween parties, it may be easy to lose sight of the fact that the end of the year will be coming soon. Indeed, 2018 may still be two months away, but with all the celebrations and time off that comes with the holiday season, the New Year will come sooner than you think.

With that, there are a number of end-of-year tax planning tips that you should be aware of. This post will highlight a few. 

Be sure to deduct new equipment expenses - Remember, businesses can deduct up to half of the value of new equipment put into service during the year. So whether you purchased new computer equipment, vehicles or mobile technology, these expenses can help in reducing your taxable income.

Document business activities - If you are not considered a passive investor in your business, you can avoid paying a 3.8 percent Medicare tax on your income. Depending on your role, you may have to document your activities.

Begin gathering documentation - Your mandatory reporting will also come sooner than you think in 2016. Also, next year the penalties for failing to produce such reporting will increase. In some cases the penalties could double. As such, gathering documentation to support your reporting sooner rather than later is critical.

Make charitable contributions properly - The holiday season is also known as the season for giving. If you intend to do so, make sure that you are contributing to an eligible charity, and make sure that you have the documentation to support the details of the contribution.

The preceding is not legal advice. If you have questions about tax deductions specific to your business, an experienced tax attorney can advise you.

No Comments

Leave a comment
Comment Information

Send Us A Quick Message

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Law Offices of Robert T. Leonard, APC

Woodland Hills Office
21700 Oxnard Street
Suite 2060
Woodland Hills, CA 91367

Toll Free: 888-408-9486
Phone: 818-224-7935
Fax: 818-587-3833
Woodland Hills Tax Law Office

Los Angeles Office
10100 Santa Monica Blvd.
Suite 300
Los Angeles, CA 90067

Toll Free: 888-408-9486
Phone: 818-224-7935
Fax: 818-587-3833
Map & Directions

Call Today