2 results for tag: Taxes

2018 Car and Truck Depreciation Limits

For this year's 2018 Depreciation Limits, business use vehicles offer opportunities and challenges. Claiming depreciation as a business expense for personally available vehicles is a clear advantage. As is common, a “but” is included due to special rules known as “Listed Property” attributes. These rules recognize there are both personal and business attributes associated with the same asset; the vehicle has a value to the individual and their business using the vehicle which has necessitated specific 2018 Car and Truck Depreciation Limits. The conceptual challenge is that there are differences between a business van say, for a “Cons...

Social Security Taxes: Are You Paying Too Much

2017 Basics: Social Security Withholdings Not every Business Owner knows "All" or is aware of some of the details of their mistakes. Click to Continue for an introduction to key facts on Social Security and what you must do for your employees and how you can save yourself some money.   As a business owner, you're responsible for withholding certain federal taxes from your employees' wages. These include Federal Insurance Contributions Act taxes, or more commonly known as FICA taxes.   DID YOU KNOW: There's a cap on the wage amount for Social Security taxes, so that once an employee's wages exceed the capped ...