Don’t let ‘ghost assets’ haunt your bottom line

It’s that time of year to clear away old equipment from your financial statements so you are not haunted by unused and out-of-date equipment that can suck the life out of your bottom line. Unused equipment is commonly referred to as a “ghost asset.” Ghost assets are fixed assets that remain on the financial statement […]
IRS responds to small business owners’ requests for higher capital expense deductions
Small business owners can now deduct more capital expenses, thanks to a new Internal Revenue Service decision to raise the tangible property expensing threshold. The IRS raised the safe harbor threshold for deducing certain capital items for small businesses – those that do not require an audited financial statement – from $500 to $2,500. The […]