Publications
Internal Revenue Code Section 179 potentially allows significant first-year depreciation deductions when your business places qualifying assets into service. You generally want to maximize current year depreciation write-offs for newly acquired business assets. However, the Sec. 179 rules change…
With the holiday season rapidly approaching, you may consider gift ideas for friends, family members and business associates. A popular and convenient option is gift cards for restaurants, retail stores and online vendors. However, these cards come with potential downsides that gift givers and…
As 2024 is nearing its end, now is a good time to consider year-end strategies to help reduce the tax your business will owe. The effectiveness of a particular action depends on the circumstances of your business. Here are several possibilities.
Beginning on January 1, 2024, many companies in the United States are required to report information about their beneficial owners (i.e., the individuals who ultimately own or control the company). Companies must report the information to the Financial Crimes Enforcement Network (FinCEN), which is a…
The Tax Cuts and Jobs Act (TCJA) virtually doubled the standard deduction through 2025. So fewer taxpayers are itemizing deductions these days. Instead, more people are claiming the standard deduction.
Are the costs of holiday parties tax deductible? Despite a recent crackdown on business entertainment expense deductions, your company's holiday bash may still qualify for write-offs for the 2024 tax year. You might even be allowed to write off the entire cost, unlike most other meal and beverage…