Business Tax Help 2017: Preparing for Expiration of Certain Deductions

Preparing for Expiration of Certain Deductions

Certain tax deductions are allowed for a certain amount of time to help induce an action. Whether it is spending more in one industry or stimulating the economy.

Unfortunately, these temporary deductions, if not renewed, expire and are no longer available for businesses to use.

For the 2016 tax year, the following business deductions will expire if they are not renewed:

  • Film and TV production expense provisions
  • Energy efficient commercial building deductions
  • Mine safety equipment expense election
  • Additional depreciation for bio fuel plant property

So if your business uses any of the stated deductions, it is best to prepare differently for 2017 if it does indeed expire. There may be new deductions that may benefit your company and right now is the best time to look into that matter.

To check what would be best for your business, give us a call at (714) 533-2600 to schedule a FREE consultation to make sure you are getting every deduction you deserve.

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