Business Tax Archives - Granite Peak

Cash Method or Accrual Method?! And Why You Might Want to Consider a Change in Method of Accounting

Posted on September 3, 2019 (September 4, 2019) by admin

One of the key takeaways from the Tax Cuts and Jobs Act passed in December of 2017, which took effect for 2018, was the threshold for requiring taxpayers to follow the accrual method of accounting. The threshold was increased from $5 million of gross receipts to $25 million. Now, businesses that average less than $25 […]

Deducting Education Costs From Your Business

Posted on September 3, 2019 (September 3, 2019) by admin

Are education costs adding any type of value to your business? If so, they may be fully deductible and can lower tax bills. When deciding whether or not certain education costs are deductible to your business, there is generally a two-part test: Do the education expenses maintain or improve required skills for that business industry? […]