Interest Expense Deductibility – Tax Tip with Joseph Most
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Announcer: Here’s today’s Tax Tip – with Joseph Most, Tax Senior Principal in the Real Estate Practice at Berdon LLP Accountants and Advisors.
Joseph: The Tax Cut and Jobs Act of 2017 imposed limitations on the deductibility of interest expense for many businesses, and starting in 2022, the limitation will become stricter. Previously, depreciation and amortization expense were not factored as reductions to taxable income when calculating interest expense limitation. This is no longer the case, resulting in significant decreases in interest deductions. Helping clients plan for the possible is what we do at Berdon. We factor in a company’s unique circumstances to develop an approach to help reduce overall tax liability. If you’re a business owner looking to maximize tax savings, let Berdon help you move forward with confidence.
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