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Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

by Capocore Professonal Advisors | Apr 10, 2018 | Individual Tax Brief

The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline...
Casualty losses can provide a 2017 deduction, but rules tighten for 2018

Casualty losses can provide a 2017 deduction, but rules tighten for 2018

by Capocore Professonal Advisors | Mar 13, 2018 | Individual Tax Brief

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an...
Tax credit for hiring from certain “target groups” can provide substantial tax savings

Tax credit for hiring from certain “target groups” can provide substantial tax savings

by Capocore Professonal Advisors | Feb 19, 2018 | Small Business Tax

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper...
Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

by Capocore Professonal Advisors | Feb 5, 2018 | Small Business Tax

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically,...
Your 2017 tax return may be your last chance to take the “manufacturers’ deduction”

Your 2017 tax return may be your last chance to take the “manufacturers’ deduction”

by Capocore Professonal Advisors | Jan 16, 2018 | Small Business Tax

While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to as the “manufacturers’ deduction.”...
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Capocore Professional Advisors - 46 W. Shadbolt Ste A Lake Orion, Michigan 48362