IRS spotlights expanded tax benefits for depreciation and expensing

Businesses can immediately expense more

Businesses may elect to expense all or part of the cost of what is often referred to as Section 179 property and deduct it in the year they place the property in service. The maximum deduction is increased to $1,000,000, and the phase-out threshold is increased to $2,500,000. These amounts, adjusted annually for inflation, apply to property placed in service in tax-year 2019. Full Story

What Does the Flag Mean to You Video Contest

In honor of the Red, White and Blue and those who fought for our Freedom, G.I. Tax is hosting a “What Does the Flag Mean to You” video contest.

Benefits of Working with a Tax Professional vs. E-File

While the thought of filing your taxes from the comfort of your home may be appealing. You could be missing out on a larger refund or find you owe less than you anticipated.

More Advanced Software
Professional have access to software that can delve deeper and more accurately to the data from your documents. This reduces the chances of error and provides for a more thorough preparation.

Tax Breaks for the Military

If you are in the U. S. Armed Forces, there are special tax breaks for you. For example, some types of pay are not taxable. Certain rules apply to deductions or credits that you may be able to claim that can lower your tax. In some cases, you may get more time to file your tax return. You may also get more time to pay your income tax. Here are some tips to keep in mind:

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