Tax Deductions for Home Office Professionals
Are you someone who works from home? If you’re self-employed and meet specific criteria, you may be eligible to deduct a portion of your home office expenses. This deduction applies even if you conduct work in other locations. You can choose between deducting actual expenses that you can verify or utilizing a simplified method endorsed […]
The other side in an M&A deal can lead to tax benefits for both
Both parties in an M&A transaction are looking to optimize their after-tax cash flows. Often, achieving tax savings for one party could mean increasing the tax liability for the other party. Clark Schaefer Hackett Shareholder Zach Gubser, however, says that doesn’t always need to be the case. Read the full article on Smart Business.
Tax Agenda Highlights From President Biden’s Proposed Budget
President Biden has unveiled his proposed budget for the 2025 fiscal year, outlining various tax provisions impacting businesses and individual taxpayers. Although these proposals face significant hurdles in the Republican-controlled U.S. House of Representatives, their fate may shift after the November elections. Below is a summary of the key tax proposals outlined in the budget. […]
New FASB Standard Makes It Easier for Companies To Hold Crypto
In 2023, the Financial Accounting Standards Board (FASB) published nine new accounting standard updates (ASUs). Included in this updated guidance came a change to crypto asset standards that made it easier for companies to hold crypto assets on their balance sheet. Read on to get our thoughts on this new standard that was published in […]
Installment Sale 101: Is It Right for You?
In terms of federal income tax, an installment sale occurs when the payment of proceeds from a qualified sale is postponed until after the tax year in which the sale is made. This arrangement has advantages for buyers who are unable to immediately pay the full purchase price and also offers benefits for sellers, allowing […]
Four Tips to Help You Maximize QBI Deductions
While the deductions for qualified business income (QBI deductions) are still in play, they’re set to expire in 2025. For those who are eligible, our team has compiled four tips that will help you leverage these advantageous tax breaks to maximize your situation. Read our prequel article for more basic overview of all things QBI. Check […]
QBI Deduction: Here Today and Gone Tomorrow?
The deduction for qualified business income (QBI) is currently accessible for eligible individuals until 2025. At that point, unless congress enacts legislation to prolong it, it’s set to expire. As 2024 progresses, it’s crucial to capitalize on this advantageous deduction before it potentially vanishes. The QBI Basics The QBI deduction can be up to 20% of: […]
Maintain International Tax Compliance with Our Four Tips
A U.S. taxpayer with foreign involvement is likely subject to additional reporting requirements, particularly in the realm of international tax compliance. While many of these additional requirements have historically been informational, the passing of the Tax Cuts and Jobs Act (TCJA) in 2017 introduced new tax requirements. Like all tax standards, non-compliance can lead to sizable penalties. […]
6 Tax Tips for Manufacturers in 2024
On the tax front, there are plenty of things that Manufacturers need to be aware of going into 2024. While certain provisions of the Tax Cuts and Jobs Act (TCJA) are sunsetting, there is plenty of newer tax legislation that will come into play. The Inflation Reduction Act (IRA) and the Creating Helpful Incentives to Produce […]
2024 Tax Calendar
To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 31 […]