Percentage depletion is a tax provision that helps independent producers and royalty owners account for the reduction of a nonrenewable mineral resource, such as oil, gold, and iron, and to recover the associated cost. Another option for depletion is the cost depletion method. This deduction is very similar to depreciation but is specific to the…
Small business owners can prepare their own tax returns for a fraction of the cost of tax professionals as most certified public accountants (CPAs) charge a minimum of $500 for a business return. Below, we’ve identified the best tax software for small businesses based on price, features, and ease of use. : Best overall small…
TaxSlayer is an online tax preparation software that allows you to file state and federal tax returns anytime and anywhere. It lets you file simple returns for free and handle complex self-employed tax situations at a low cost. Its features include free phone and email support, guaranteed maximum refund, IRS audit assistance, and a mobile…
FreeTaxUSA, an online tax preparation software, lets you file federal returns directly to the IRS electronically for free and process state returns at a low cost. Its features include tax return backup, unlimited amended returns, accuracy guarantee, a refund maximizer, and priority support with live chat. You can file federal taxes for free and add…
For the 2022 tax year, Section 179 deduction allows business owners to deduct up to $1,080,000 ($1,160,000 for 2023) of the cost of qualifying new or used property, equipment, and vehicle purchases immediately. The advantage of the deduction is that you immediately receive the tax savings from an equipment purchase rather than gradually saving taxes…
H&R Block is an online tax preparation service that helps you file your own tax returns either online or with software that you download to your computer. You can also file with a tax professional in an office or virtually. Its features include W-2 import, refund transfer, multiple guarantees, a tax calculator, and a tax…
TurboTax, by Intuit, is a do-it-yourself (DIY) tax software that allows you to prepare and file your returns electronically either online or through its desktop versions. Its features include W-2 import, a deduction maximizer, and a mobile app. With its online products, you can file simple returns for free or choose from three paid DIY…
Bonus depreciation is an immediate tax deduction that speeds up tax savings and makes an asset that you placed in service more affordable. You may also see this deduction going by the name of the special allowance, the additional first-year deduction, or IRC §168 (k) depreciation. In general, new and used furniture and equipment with…
