Upcoming Tax Law Changes to Affect Construction Business Owners
The Tax Cuts and Jobs Act (TCJA), signed into law in 2017 and effective in 2018, introduced substantial changes to the tax landscape for individuals and businesses alike. However, a significant portion of these changes are temporary, set to expire by the end of 2025. With the November election poised to influence the future of […]
Navigating Taxable Gains and Losses When Selling Assets
What’s the difference between capital gains and losses and ordinary gains and losses? The classification will have a major impact on your federal income tax obligations when you sell assets, such as investments, real estate, intangibles and other holdings. The classification of assets is generally straightforward, but the issue can be unclear in some situations. Here’s what you need […]
Business Vehicle Deductions: Understanding the Latest Methods and Rules
Navigating the complexities of business vehicle expense deductions can be daunting, especially with evolving tax laws and annual inflation adjustments. The good news is that there are streamlined methods available to help you maximize your deductions. Whether you choose the cents-per-mile method or the actual expense method, understanding these options can significantly impact your bottom […]
Manufacturing and Cost Segregation: A Perfect Match
When manufacturers purchase, construct, or upgrade their facilities, they make significant investments. However, these costs typically cannot be deducted right away for tax purposes. Fortunately, there is an alternative that can help speed up depreciation deductions: a cost segregation study. Depreciation 101 For assets with a useful life of more than one year, you generally […]
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 […]