financial planning - Herman & Co. CPA

Our 2013 Annual Year-End Tax Planning Letter

One of the biggest deductions available to all businesses, and one that will be dramatically reduced in 2014, is the Section 179 expensing election. This is the last year for expensing up to $500,000 of Section 179 property. The maximum amounts drops to $25,000 next year!

Business Eligibility for Schedule C-EZ

Your business may be eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit and loss on your federal income tax return, according to the IRS.

Roth IRA Contributions

To contribute to a Roth IRA, you must have compensation and a certain modified adjusted gross income.