2014 Tax Savers for Businesses

With the clock ticking on the end of 2014, employing some last minute tax strategies that expire along with the 2014 year may lower the tax burden for businesses. Here are some to consider :

• Possibly accelerating or deferring income and deductions where possible to create even income over the years.
• Taking advantage of the Section 179 small business expense election before the limit goes down in 2015.
• Getting the bonus 50% depreciation for certain new tangible property purchased and placed in service during 2014.
• Looking into whether the accelerated depreciation period of 15 years applies to any business property, such as leasehold improvements.
• Doing a cost segregation workup to separate items of differing depreciation periods.

See Steven J. Fromm, 2014 Year-End Tax Planning Guide For Businesses: Discover 9 Proven Tax Planning Strategies, Philadelphia Estate and Tax Attorney Blog, Dec. 26, 2014.