New tax write-offs may stimulate practice updates
The centerpiece of the Economic Stimulus Act of 2008 may be the large dose of rebate checks ordered up as a remedy for the economy’s lethargy. But Congress prescribed the new tax law’s real therapeutics for businesses such as your medical practice. Although temporary tax depreciation enhancements have attracted less press coverage than the rebate checks, they may make 2008 the year you decide to significantly update your medical equipment or remodel your practice office. One thing to keep in mind is that you may have to act quickly to take advantage of the new depreciation incentives Congress has approved to stimulate business activity. Tax treatment differs for partnership retirement plans When you’re doing business as a partnership, the tax treatment for tax-favored retirement plans may not be what you expect. Partners, of course, are normally taxed on a self-employment basis. But when it comes to these retirement plans, partners are considered employees. That means they are not free to establish their own retirement plans in regard to partnership income. Skirting tax deadlines just got more costly Now there is even more incentive to ensure that your business tax returns get properly filed. As part of the Mortgage Forgiveness Debt Relief Act of 2007, the consequences of failing to file your partnership or S corporation returns have increased. This applies to returns due after Dec. 20, 2007.
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