The Planner Blog
Tax Credits vs Tax Deductions: Understanding the Difference
Tax deductions are great, but tax credits are even better! So what's the difference? Glad you asked!
Capital Improvements
Accountants are weird. They use funny words and use lots of spreadsheets. One common word is Capital Improvements. Similar words that they use to describe the same things: Capital Assets, Fixed Assets, Property, Real Estate, FF&E (Furniture, Fixtures, & Equipment). In the accounting tax world, all of these terms describe something with an economic benefit beyond one year.
PPP Flexibility Act Provides Small Business Relief
And just like that, Congress shuffled the deck. To be clear, the PPP Flexibility Act brings welcome relief to those small businesses that participated in the Paycheck Protection Program, but it didn’t address all the issues. My gut tells me that they’re not done tweaking this, and before anyone takes action, we need to see what regulations the SBA issues regarding the new law.