Tax Guy: There’s still time for business owners to cut their 2021 tax bill — here’s how

You still have time to significantly reduce this year’s business income tax bill — even with all the uncertainty about which proposed federal income tax changes, if any, will become reality. Here are some moves for business owners to consider, but stay tuned for developments.

Claim 100% first-year bonus depreciation for late-breaking asset additions

Thanks to the 2017 Tax Cuts and Jobs Act (TCJA), 100% first-year bonus depreciation is available for qualified new and used assets that are placed in service (put into business…