The Newsroom
Financial and Accounting Updates and Information from Maggart
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From the Monthly Newsletter...
5 Key Points About Bonus Depreciation
Like most business owners, you’ve probably heard about 100% bonus depreciation — and hopefully you’ve been claiming it when appropriate. It’s available for a wide range of qualifying asset purchases and allows you to deduct the entire expense of an eligible asset in the year it’s placed in service. But there are many important details …
Know the Nuances of the Nanny Tax
Many families hire household workers to care for their children, their home, or their outdoor spaces. If you’re among them, be sure you know the nuances of the “nanny tax.” Withholding Household Worker Taxes For federal tax purposes, a household worker is anyone who does household work for you and isn’t an independent contractor. Common …
A Tax Quirk of Being a Business Partner
If you’re a partner in a business, you may have encountered a situation that gave you pause: In any given year, you may have been taxed on more partnership income than was distributed to you. The cause of this quirk of taxation lies in the way partnerships and partners are taxed. Pass-Through Taxation Unlike regular …