Congress enacted IRC Section 199A to provide a deduction to non-corporate taxpayers of up to 20 percent of the taxpayer’s qualified business income from each of the taxpayer’s qualified trades or businesses, including those operated through a partnership, S corporation, or sole proprietorship, as well as a deduction of up to 20 percent of aggregate …
Author Archives: John
TM or SM? Use of Trademark (TM) and Service Mark (SM) Symbols
One common question related to the use of a trademark surrounds the use of the symbols “TM”, “SM” and ®. There can be some confusion about which symbol to use with a particular trademark and also when a symbol should be used with a trademark. The “TM” and “SM” symbols should be used to designated …
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Bonus Depreciation – Late Elections for Bonus Depreciation
On July 31, 2019, the IRS issued Rev. Proc. 2019-33, which allows taxpayers to change their elections regarding bonus depreciation for property acquired after September 27, 2017 and placed in service during the taxpayer’s 2016 or 2017 taxable year. Under the revenue procedure, a taxpayer may make late elections to use bonus depreciation on such …
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Business Plans
1. What is a “business plan” and do I need one? A business plan is a structured document consisting of a sales pitch for your new or expanding business. The business plan is used primarily when attempting to obtain formal financing. Most small businesses will not need a business plan since either financing is not …