Pennsylvania Restores Bonus Depreciation Deduction

Posted · Add Comment

One of the more complex matters facing state budgets is how best to deal with the largess of the federal government’s business incentives included in federal tax legislation. There is probably no area of the federal tax law where this issue is more costly for states than the capital expenditure initiatives included in several recent […]

Interest on Home Equity Loans after the Tax Cuts and Jobs Act

Posted · Add Comment

One of the more painful revisions of the Internal Revenue Code arising from the Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, was the repeal of the long-standing itemized deduction for interest paid on home equity indebtedness of $100,000 or less. To qualify for the tax deduction, the indebtedness had to be […]

Clarifying Tax Rules for Deductibility of Software-Related Costs

Posted · Add Comment

The IRS has provided insight related to the tax treatment of costs incurred for the development, purchase and/or implementation of “computer software.” Read the article from the Winter 2017 GYF Perspectives. Read a related article on reducing IT downtime. Contact Angie McCoy from the GYF ERP Solutions Group if you are considering a software purchase.

Taking Advantage of Bonus Depreciation Deductions

Posted · Add Comment

If assets purchased for business use meet certain qualifications, you can benefit from a special tax deduction commonly called “Bonus Depreciation.” Learn what purchases are eligible and what issues you should consider before making the elections. Read the article from the Fall 2016 GYF Perspectives.