The Small Business Tax Help Blog

Posts Tagged ‘business’

Question: Office building depreciation?

My wife and I own a chiropractic clinic (LLC). This year, we bought an office building and moved the business to that location. The building is in a small town, so we only paid $15,000 for it. The IRS says we are supposed to depreciate property for 39 years. I doubt we’ll still be running the business in 39 years, and since we only paid 15,000 for it, that will give us a yearly deduction of less than $400. I know you can use the 179 deduction on some fixed assets to get more of a tax benefit up front rather than the standard depreciation schedule. Is there any way to (legally) expense the building cost faster? Our business made a lot more $ than anticipated this year, so we could use any extra deductions we can get. The business is in Kansas if that makes any difference. We’ll be having a CPA do our taxes, but I’m just doing some planning now. Thanks.

Answer: No, you are stuck with the straight line depreciation for 39 years. Real property is not eligible for either section 179 or bonus depreciation or even any accelerated method like MACRS DDB.

If you are not in business for 39 years, you will benefit from the remaining undepreciated book value when you sell or dispose of the business.

And to make is even potentially worse, remember that you have to subtract out the fair market value of the land so you depreciate the cost of the actual building itself and not the entire building and land package that you bought.

E.ON Says Full-Year Profit May Fall 32% on Nuclear Tax, Lower Power Prices

E.ON AG (EOAN) , the world’s largest utility by sales, said adjusted net income will fall as much as 32 percent this year after the German government imposed a new tax on its nuclear plants and it sells power at lower prices.

Ranking Member Graves “Bonus depreciation tax is an important tax incentive for small businesses.”

Question: How Can I Find A Companies EIN # (Federal Employer Identification Number)?

I work for a company that wants to pursue a Writ for Garnishment for a company that owes us money. (We already went to Small Claims and won a judgement). We want to Garnish/Take their taxes, but we need to have their EIN #.

We don’t have that. Is there any way to get it? I do realize that it is important info that may not be readily available on the internet. (Calling the customer and asking is obviously not an option)

Any help would be appreciated!!

Answer: Try contacting the IRS and asking them if the judgment entitles your company to that information.

Bach Choir tackles Hebrew in ‘Songs of Hope’

The Bach Choir of Bethlehem has sung in a multitude of tongues, including English, German, Latin and French. In its spring concert on Sunday at the First Presbyterian Church of Bethlehem, the choir will sing unto the Lord a new song, for the first time in Hebrew.

UK citizen getting a US EIN / ITIN – Part 1

Question: Just what do republicans have a problem with in healthcare?

what provisions of the health care bill are so objectionable to your ilk? Is it the closure of the “donut hole” for seniors on Medicare? Is it the reduced price for their medications? Is it that pre-existing conditions like pregnancy can no longer be used to exclude someone from getting insurance? Is it the tax credits that small business owners receive for making health care available to their employees? Is it that children can still be covered by their parent’s policies up to their mid-20s? Is it the credits that low-income people receive to make health care affordable to them? Is it that with no more lifetime caps, a family will not go bankrupt due to a catastrophic illness? Please explain what provision bothers you! Couldn’t you just fix the things that do because I guarantee that if the repubs really rewrite it all of that stuff won’t be in the.

Answer: The first problem is in 2,200 page law, you have no idea what it is in and what the effect will be.

The second problem is that the federal government has no business trying to force people who don’t want health insurance buy it.

The law is set-up to encourage businesses to drop their health care despite Obama’s promises that you health insurance and doctor wouldn’t change.

It is cutting Medicare.

It is putting unfunded mandates on the states.

Favored constituencies are given favorable treatment and waivers and exemptions.

You aren’t a “child” at 26, the federal government has no business telling insurance companies they have to cover children past the age of majority.

The Democrats should have worked with Republicans to begin with instead of shutting them out of the process.

Small Business Tax Credits are worth the fuss

I loathe story problems. How fast is the train traveling if it left from Chicago and the third freight car has a bushel of apples, two of which are red…

Small Business Owners Speak Out on Job Creation

Question: Just created an LLC. Will incur tax-Deductible Expenses. Do I have to apply for and use a business credit card?

Just created an LLC. Will incur tax-Deductible Expenses. Do I have to apply for and use a business credit card, or can I just continue to use my personal credit card, and then just use my statements from my personal credit card to document my business expenses?

Answer: ~~You don’t have to use a credit card, but you do have to have a business checking account and keep the LLC bookkeeping completely separate from your own. If you use a credit card then you need to apply for one with the LLC name on it.~~

PHX Energy Reports Financial and Operational Results for the Three-Month Period and Year Ended December 31, 2010

CALGARY, ALBERTA– – PHX Energy Services Corp. is pleased to report on its financial and operating results for the three- month period and year ended December 31, 2010.

Day Dreams Farm Cookie Monsters

Question: Where was the republican outrage when their party was giving ACORN our tax dollars during the Bush years?

House Republican Leader John Boehner’s (R-Ohio) office searched the Federal Register and reported on October 16, 2008 that between 1998 and 2008 ACORN received $31 million in federal grants through 54 different grant programs and 11 federal agencies. That figure does not include monies received from state and local entities, financial support going back decades from the now-defunct Fannie Mae Foundation, and other nonprofit groups such as the Tides Foundation and Catholic charities.

http://www.cagw.org/site/News2?page=NewsArticle&id=11668

Snipers: You’ll never get me …Yes…the GOP turned a blind eye
ThaPH …enough dirt for all…maybe both parties being involved has what’s kept things on the DL press wise
jhillftp…yet they still gave them money…interesting

Answer: If I would have known about it, I would have been pissed
This is not left or right buddy…
This is about right or wrong

Big Bend briefs

WAKULLA COUNTY

Economic Stimulus Oversight, Federal, Beginning