…Jobs Act (TCJA). Claim 100% Bonus Depreciation for Asset Additions Thanks to the TCJA, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired and placed…
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may…
…year. Even if you place eligible property in service by the last days of 2024, you can claim a full deduction for the year. Bonus depreciation For 2024, businesses also…
…fourth installment of 2024 estimated income taxes. Contact us if you’d like more information about the filing requirements and to ensure you’re meeting all applicable deadlines. © 2024…
…“Select Check”) at https://www.irs.gov/charities-non-profits/tax-exempt-organization-search to find out. Assuming the charity is qualified, you may be able to deduct out-of-pocket costs that are: Unreimbursed, Directly connected with the services you’re providing,…
…passes and van pooling, are tax-free to recipient employees. However, the TCJA suspends through 2025 the business deduction for providing such benefits. It also suspends the tax-free benefit of up…
…as LLCs, partnerships, and S corporations. First-year bonus depreciation deductions aren’t subject to any complicated limitations. But, as mentioned earlier, the bonus depreciation percentages for 2024 and 2023 are only…
…SUVs, pickups and vans are treated for federal income tax purposes as transportation equipment. In turn, that means they qualify for 100% bonus depreciation. Specifically, 100% bonus depreciation is available…
…tax year is also October 15, 2024. For the 2024 tax year, the deadline for setting up a SEP and making a contribution is October 15, 2025, if you extend…
…businesses and low- to moderate-income “first-draw” borrowers. In late February, the SBA, in cooperation with the Biden Administration, announced adjustments to the PPP aimed at “increasing access and much-needed aid…
