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.
We all do our best to file tax returns on time. But when the deadline is approaching and we’re all so busy, we might think, “There’s no tax, so what’s the harm. I’ll just get it done when I can”. Sounds reasonable, right?
Congratulations are in order! You planned, saved money for education expenses, and now your child is off to college. But as you settle into your “empty nest,” you might be wondering, now what? It’s time to figure out how to adapt to your child’s new independence while keeping your family on a steady course financially.
Under tax law, businesses have a valuable tax deduction – advertising and marketing expenses. Generally, businesses can deduct advertising and marketing expenses that help keep existing customers and bring in new ones.
This week, Massachusetts Governor Maura Healey unveiled a $742 million tax relief package designed to provide relief to the Commonwealth’s most vulnerable populations and make the state's tax structure more competitive.
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes.
Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either full-time or on a hybrid basis. If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expense method and the simplified method.
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.
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting to S corporation status. We can meet to compute what the tax on this recapture would be and to see what planning steps might be taken to minimize it.
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons.
