2 results for tag: Tax Rules


Ready, Set, Depreciate

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo When you buy real property (or personal property that lasts more than one year) to use in your business, you may have up to three options for deducting the cost: Regular Depreciation Bonus Depreciation IRC Section 179 expensing (technically, depreciation in advance) Regular Depreciation takes several years. Bonus Depreciation allows you, through 2022, to deduct 100 percent of the cost of personal property in one year. IRC Section 179 expensing allows you to deduct up to $1,050,000 of the cost of personal property....

2021 Last-Minute Year-End Tax Strategies for Your Stock Portfolio

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo The Basic Strategy: Avoid the high taxes (up to 40.8 percent) on short-term capital gains and ordinary income. Lower the taxes to zero—or if you can’t do that, then lower them to 23.8 percent or less by making the profits subject to long-term capital gains taxes. Think of this: you are paying taxes at a 71.4 percent higher rate when you pay at 40.8 percent rather than the tax-favored 23.8 percent. And if you can avoid that higher rate with some easy adjustments in your stock portfolio, doesn’t it make sense to ...