End-of-Year Tax Planning
New tax provisions make end-of-year tax planning even more important for practices and medspas.By Mark E. Battersby Last December the Tax Cuts and Jobs Act was signed into law. The new legislation is broad in scope and can potentially lower the tax burden on most U.S.-based businesses. But reaping the benefits requires understanding how deductions have changed and how your practice or medspa's business entity and accounting methods impact its use of new deductions and tax credits. Following are some the key changes to consider as we enter the last quarter of 2018.
Under the TCJA's “100 percent bonus depreciation,” businesses can now write off the full cost of equipment and property purchases-such as medical equipment, computers, fixtures, furniture and vehicles-in the year the equipment was placed in service. Pre-TCJA, businesses could only write off equipment cost depreciation over a number of years.
In addition, the first-year expensing write-off has been doubled from $500,000 to...
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