7 year-end tax moves for small business owners

You still have time to significantly reduce this year’s business income tax bill. Here are seven yearend moves to consider. But you’ll need to act fast. 

Thanks to the Tax Cuts and Jobs Act (TCJA), 100% first-year bonus depreciation is available for qualified new and used property that is acquired and placed in service (put into business use) in calendar year 2020. That means your business might be able to write off the entire cost of some or all of your 2020 asset additions on this year’s federal income tax return and maybe on the state return too.

So, consider making additional acquisitions between now and December 31. Contact your tax pro for details on the 100% bonus depreciation break and exactly what types of assets qualify. Hurry! 

2. Claim 100% first-year bonus depreciation for late-breaking real estate qualified improvement property (QIP) expenditures 

The 100% first-year bonus depreciation break is

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Uber Acquires Postmates and 14 Other Biggest Business Moves of 2020

On July 6, Uber and Postmates announced that they had reached an agreement for the ride-share company to acquire Postmates for $2.65 billion in an all-stock transaction.

“Uber and Postmates have long shared a belief that platforms like ours can power much more than just food delivery — they can be a hugely important part of local commerce and communities, all the more important during crises like COVID-19,” Uber CEO Dara Khosrowshahi said in a news release. “We’re thrilled to welcome Postmates to the Uber family as we innovate together to deliver better experiences for consumers, delivery people and merchants across the country.”

This multibillion-dollar acquisition is just one of several big money moves businesses have made this year.

Last updated: July 9, 2020

Amazon Buys Zoox for $1.2 Billion

In late June, Amazon announced that it had reached an agreement to buy Zoox, a California-based company pioneering autonomous

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