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Ramsay & Associates, LTD.
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The Tax Cuts and Jobs Act (TCJA) significantly enhances bonus depreciation. You might even be able to benefit when you file your 2017 tax return. Generally, for qualified property placed in service between Sept. 28, 2017, and Dec. 31, 2022, the first-year bonus depreciation percentage increases to 100%. In addition, the 100% deduction is allowed for not just new but also used qualifying property. The new law also allows 100% bonus depreciation for qualified film, television and live theatrical productions. Contact us for more information. https://www.ramsaycpa.com/contact-us/
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The estate tax remains, and the exemption amount doubles, under the Tax Cuts and Jobs Act. However, these changes are temporary: affecting estates beginning after Dec. 31, 2017, and before Jan.1, 2026. http://ow.ly/rD5A30hMGQj
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Someday, they say, computers will take over. That’s probably not going to happen anytime soon. But artificial intelligence may be useful to your company right now. http://ow.ly/GEws30hyGAy
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During life, you can serve as your living trust’s trustee and manage the assets. However, you must choose a trustee to oversee and administer the trust after your death (and during your lifetime, should you become unable to act as trustee). You generally have two types of trustees to choose from: individual or corporate. The former may be a family member or close friend, a business advisor, or an attorney. The latter may be a financial institution, a bank trust department, or a trust company. We can help you determine the right trustee for your situation. http://ow.ly/jvEi30hyFkU
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After the bottles have been popped and confetti swept from the floor, business owners will face a new year of challenges. Start thinking now about how to strengthen your company’s bottom line. http://ow.ly/rTpL30hyEla
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Wishing you a very Happy New Year from everyone at Ramsay & Associates. Our office will be closed January 1st. See you in the new year! #newyear #happynewyear
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When the $25 deduction limit for business gifts was introduced in the 1960s, it wasn’t an issue for any but the most extravagant taxpayers. These days, however, $25 doesn’t go very far. Learn how to maximize your deduction despite the limit. https://ramsaycpa.com/blog/2017/12/28/deduction-limit-for-business-gifts
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We wish you a joyous and relaxing holiday. Our offices will be closed December 25th so we can celebrate with our families. #happyholidays #holidayweekend
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The possibility of tax reform being signed into law this year makes tax planning more challenging. But it also could make these tried-and-true year-end tax planning tips extra powerful in 2017. http://ow.ly/tv4N30ha1lc
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One way accrual-basis taxpayers can save tax is to properly record and recognize expenses incurred this year but that won’t be paid until 2018 so they can be deducted on the 2017 tax return. Common examples include commissions, salaries, wages, payroll taxes, advertising, interest, utilities, insurance and property tax. 2017 may be an especially good year to accelerate deductible expenses. Why? Income tax rates for many businesses could drop significantly in 2018, and deductions save more tax when rates are higher. Contact us for more year-end tax planning tips. http://ow.ly/NSn030h9WrX
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