Real Estate financing solutions tailored to meet your specific needs, backed by a dedicated Relationship Manager who is focused on your long-term success.
At Firstrust, our top priority is building long-term relationships with our clients. When you come to us to solve a lending need, we provide you with flexible options with your expectations and goals in mind.
Dive into our industry segment specialties, designed to cater to businesses and to meet specialty financing needs, across a wide array of sectors. We provide solutions and guidance that fosters success and innovation throughout every industry.
Maximize your company's full financial potential with our comprehensive Treasury Management services, designed to streamline cash flow, optimize liquidity, and enhance operational efficiencies.
Real Estate financing solutions tailored to meet your specific needs, backed by a dedicated Relationship Manager who is focused on your long-term success.
At Firstrust, our top priority is building long-term relationships with our clients. When you come to us to solve a lending need, we provide you with flexible options with your expectations and goals in mind.
Dive into our industry segment specialties, designed to cater to businesses and to meet specialty financing needs, across a wide array of sectors. We provide solutions and guidance that fosters success and innovation throughout every industry.
Maximize your company's full financial potential with our comprehensive Treasury Management services, designed to streamline cash flow, optimize liquidity, and enhance operational efficiencies.
You need the right checking account to grow with your business, from the day you open your doors, well into future development and expansion.
Loans for every business, whatever the size. When your business needs funds to grow, we have solutions to help you succeed in today's competitive business world.
Businesses like yours need products that work for you and keep you profitable. Firstrust business credit cards are designed to do just that with low APRs on outstanding balances or earn rewards on every purchase.
Dive into our industry segment specialties, designed to cater to businesses and to meet specialty financing needs, across a wide array of sectors. We provide solutions and guidance that fosters success and innovation throughout every industry.
No checking account is one-size-fits-all. That’s why our options aren’t only built for the way you live your life, but also for the Philadelphia sports fan in all of us.
Whether you’re saving for that first house, college or retirement, want your money to work for you, or are trying to teach your child money management – we have a savings account for you.
Explore our range of flexible and competitive loan options designed to meet your financial needs and empower you to achieve your goals.
Our cards deliver a little something extra - whether you like rewards or a low rate - plus all the other great benefits, we have the right card for you.
We have created a series of financial education courses to help guide your financial journey. Select a course that best fits your financial wellness path.
Firstrust offers personalized planning services to help you achieve your longterm goals.
There are some things that never change in Philadelphia — like the city’s love of sports, cheesesteaks and pretzels. Unfortunately, there’s another thing that doesn’t change: the need to file your taxes. Here are seven deductions that could help you shave your 2019 small business tax bill:
This is a commonly overlooked but potentially valuable deduction for anyone who runs a small business from home. If you use a portion of your home regularly and exclusively for business — like a spare bedroom or basement, for example — you can probably claim the home office deduction. Note that this area of your home must be used regularly and exclusively for business purposes, to meet with clients or for storage of inventory or samples.
There are two ways to calculate the amount of your home office deduction. The actual expense method is more complicated and involves dividing the total expenses of operating your home between business and personal use. With the simplified method, you’ll multiply the total square footage of your home office area (up to 300 square feet) by $5 for a maximum home office deduction of $1,500.
You can take a deduction for the business use of your car or truck. There are two ways to claim the deduction: Add up the actual expenses you incurred in operating the vehicle throughout the year — such as maintenance, gas, parking and tolls — or claim the IRS standard mileage rate of 58 cents per mile for tax year 2019. Run the numbers to see which method yields a higher deduction.
You can deduct some of the cost of taking clients out to eat if you discuss business during your time together. More specifically, 50% of the cost of business meals is deductible. In addition, you can deduct 50% of the cost of providing meals and snacks to employees and 100% of the cost of throwing company parties and holding retreats. Be sure to save receipts documenting these expenses.
The assets you use in your business, such as computers and equipment, are depreciated over a certain number of years that’s based on their estimated useful life. However, some assets can be depreciated in full during the year they are placed in service. This is known as bonus depreciation.
Tax reform doubled bonus depreciation from 50% to 100% and also extended bonus depreciation to used property in certain situations. To qualify for bonus depreciation, assets must be used in your business during the year of purchase and have a useful life of longer than one year. They also must wear out, get used up or lose their value over time.
If you have full-time or part-time employees on your staff, you can deduct the salaries, wages, commissions and bonuses you pay them. To be deductible, these payments must be reasonable, ordinary and necessary; made for services that were actually provided; and paid or incurred in the current tax year.
Similarly, you can deduct the cost of employee benefits you provide like health and life insurance, education assistance, and retirement plan contributions. You can also deduct payments you make to freelancers and independent contractors you hire throughout the year.
If you use the services of an accountant, attorney, consultant or other outside professional, you can deduct the cost of these services on your tax return. The fees must be considered reasonable and necessary in order to be deductible.
If you travel for business purposes — for example, to attend an industry trade show or visit with an out-of-state client — you can deduct the costs associated with the trip. Deductible business travel expenses include airfare, lodging, meals, taxis or rideshare services, automobile expenses, tolls, parking and tips. Keep receipts to document all deductible business travel expenses.
Be sure to speak with your tax advisor for detailed guidance when it comes to your particular tax situation.
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