Pit & Quarry, December 2018
TAXES a reduction in the crushed stone sand and gravel operations tax bill as opposed to a deduction in the income that tax bill is based on on wages paid to qualifying employees while they are on family or medical leave In order to claim the credit there must be a written policy that provides at least two weeks of paid leave annually to all qualifying employees who work full time Whats more the paid leave must be no less than 50 percent of the wages normally paid to the employee Limiting the deduction for business interest The TCJA placed new limits on the deduction for business interest restricting the deduction to 30 percent of the operations adjusted gross income Questions remain about what constitutes investment rather than business interest and how the limits apply to pass through entities and consolidated groups Note Corporate debt is considered to be business interest rather than investment interest Fortunately an exception exists for small aggregate businesses those with gross receipts that have not exceeded a 25 million threshold for a three year period designed to protect their ability to write off interest on loans for starting or expanding the business hiring workers or increasing paychecks Vehicle expenses What percentage of a car light truck or SUV used in or by the aggregate business constitutes business usage Whatever the percentage that amount may qualify as an auto expense The IRS allows two ways to calculate the deduction First there is the actual expense to which the percentage is applied to create the business auto expense deduction Second tracking the actual mileage for business purposes and using the 545 centsper mile standard write off Dont forget those carryovers Deductions for capital losses net operating losses home office deductions and even FALVEY STEEL CASTINGS Serving the industry since 1960 Best Service Best Quality Best Price 781 767 6210 falveysteel com Metal Detectors Protect your Crushers from Damage Caused by Tramp Metal PROTECTOR HD METAL DETECTOR Heavy Duty 1 4 Steel Construction Digital Signal Processing Touchscreen Controls WWW ADSDETECTION COM 414 672 0553 SHIPPED IN 2 WEEKS OR LESS A Sister Company of Milwaukee WI USA 72 PIT QUARRY December 2018 pitandquarry com ISTOCK COM JIRAPONG MANUSTRONG Deductions for capital losses net operating losses home office deductions and even large charitable donations that cannot be fully used in one year may be carried forward to future years
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