Depreciation is a tax benefit that helps small businesses to recoup the cost or other basis of certain assets over the course of their usage. It is a provision for the property’s wear and tear, degeneration, or obsolescence. When a small firm puts property into service for use in their trade or business or to …
Note To SBO’s On Depreciation of Property Deduction Read More »
The Internal Revenue Service said today that wildfire victims in portions of California now have until January 3, 2022 to file different individual and corporate tax forms and make tax payments. These extensions were set to expire on November 15 under relief granted in August. Based on the recent Federal Emergency Management Agency (FEMA) decision …
Interest rates will remain unchanged for the calendar quarter beginning January 1, 2022, according to the Internal Revenue Service. The following are the rates: Overpayments are subject to a 3% penalty (two (2) percent in the case of a corporation), 0.5 percent for the amount of a corporate overpayment exceeding $10,000, underpayments are subject to …
Interest Rates To Stay The Same For First Quater of 2022 Read More »
