The Tax Cuts and Jobs Act was signed into law on Dec. 22, 2017, and it provides many incentives for small business owners, including three depreciation benefits you should be aware of. 1. Bonus Depreciation Congress has increased bonus depreciation from 50% to 100% for property placed in service after Sept. 27, 2017. Generally, bonus depreciation applies to personal property, such as furniture and equipment, and now, used property also qualifies for the deduction. Your clie
Small business owners, DO NOT FORGET to send your subcontracts 1099 before February 1,2016 . If you fail to file a correct 1099 information return by the due date and you cannot show reasonable cause, you may be subject to a penalty.