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  • Do you have additional questions about Section 179 vehicles? Our tax experts can help! At Shared Economy Tax, we understand how complicated these issues can be for small business owners. That’s why we want to help. Contact us to set up a tax planning strategy session today! - Source: Internet
  • The Liberal government proposes to increase the tobacco excise duty by $4 per carton of 200 cigarettes, which is expected to provide $2.1 billion in new revenue over the next five fiscal years. It also announced plans to introduce a new taxation framework for vaping products, but not those which contain cannabis. - Source: Internet
  • This luxury, crossover SUV comes equipped with a 1,020 peak horsepower, electric engine. Its MSRP starts at $79,990, and it has a 6,800 pound GVWR. Qualifying business owners can take a section 179 deduction under the SUV Section of $26,200. - Source: Internet
  • But, with the Section 179 deduction, You can elect to recover all or part of the cost of a car that is qualifying section 179 property, up to a limit, by deducting it in the year you place the property in service. This first-year deduction can save you a ton of money at tax time. But, as this IRS statement makes clear, limits exist, and you can’t automatically deduct all costs when you purchase a vehicle for your business. - Source: Internet
  • Small business owners – especially during the COVID-19 era – need to save money whenever they can. The IRS recognizes this reality and offers a variety of tax incentives to help businesses both grow and save money. If you bought or leased a vehicle for your small business this year, you may qualify for the Section 179 tax deduction. This part of the tax code allows owners to deduct all or part of a qualifying vehicle’s acquisition costs the year it’s placed in service. As such, we’ll use this article to outline the best Section 179 vehicles for 2021. - Source: Internet
  • It plans to formalize the digital tax it first announced in the 2020 Fall Economic Statement where large companies with gross revenue of 750 million euros ($1.13 billion) or more that provide online services to Canadians will be charged a three per cent fee on revenue derived in Canada. The government expects the new tax to raise $3.4 billion over the next five years. - Source: Internet
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