Pat Lang is a senior associate at Corrigan Krause.

Accelerated depreciation is a tax strategy that businesses have been utilizing for quite some time.  There are two types of accelerated depreciation: Section 179 Depreciation and standard Bonus Depreciation.  A huge advantage of accelerated depreciation to business owners: the full cost of the purchase may be written off in the year that its placed into service, even if that asset is financed.  This post highlights eac Read More >>

Pat Lang explains how the new tax bill can have a big impact on 2018 taxes.

Itemized vs. Standard Deductions – 2017 and Prior Filing Years

When filing Form 1040 each year, individual taxpayers have the ability to reduce their taxable income by claiming itemized deductions on their tax return or taking the simpler method, the standard deduction.  For the 2017 tax year the standard deduction for an individual or married couple filing separate is $6,350.  For married couples fi Read More >>