The Tax Cuts and Jobs Act that was passed in 2017, created several sweeping changes to tax law, one of which was the implementation of the Section 199A Deduction. IRC Section 199A allows individuals with pass-through business income to deduct up to 20% of their qualified business income (QBI) from their taxable ordinary income on […]
An S Corporation is a type of business entity that elects to pass corporate income, losses, deductions and credits through their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. We recommend this […]
Having worked closely with hundreds of veterinarian clients and business owners here at Granite Peak Associates, we make a point to provide high quality tailored services to allow you to focus more on the animals, and less on the accounting. With this mission in mind, it is important to highlight weekly business transaction review, along […]
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Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, […]
Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a […]
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