The IRS announced a deadline extension for certain taxpayers impacted by Hurricane Lee, which hit the east coast in September 2023. Taxpayers who reside in or have a business in affected areas will now have until February 15, 2024 to file individual and business tax returns and make tax payments that were originally due on or after September 15, 2023.
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem.
It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of current deductibility for research and experimental (R&E) expenses.
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business.
During this week’s midterm election, Massachusetts voters approved Question 1 – an amendment to the state’s constitution that will increase taxes for the commonwealth’s wealthiest residents.
In August, President Joe Biden signed the Inflation Reduction Act of 2022 into law. While the legislation is focused primarily on fighting climate change and making health care and prescription drugs more affordable, it also has some significant tax impacts.
Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will likely produce the best results for most businesses, as will bunching deductible expenses into this year or next to maximize their tax value.
When the Tax Cuts and Jobs Act (TJCA) was enacted in 2017, it limited the amount of state and local taxes (SALT) that individuals can deduct for federal income tax purposes to $10,000 (or $5,000 for a married individual filing separately). This “SALT cap” has brought on a flurry of legislative action as states enact Pass-Through Entity (PTE) tax elections that allow owners of PTEs such as S-Corporations and Partnerships to bypass the SALT cap by allowing their share of taxes to be paid by the entity at the entity level, and therefore lowering the owner’s federal income tax liability.
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do.
With the election behind us, and tax season ahead of us, tax planning is at the forefront of the minds of many. Although President Elect Joe Biden has shared his proposed tax plan, much is still up in the air as we await the January runoff elections to determine control of the US Senate.
