Tax Planning

What you still need to know about the alternative minimum tax after the new law

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July 30, 2025
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The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual AMT system taxes certain types of income that are tax-free under the regular system. It also disallows some deductions that are allowed under the regular system. […]
#AlternativeMinimumTax, #AMT, #TaxPlanning
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Tax Planning

The new law includes favorable changes for depreciating eligible assets

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July 21, 2025
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The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired […]
#BonusDepreciation, #Section179, #SmallBusinessTax
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Tax Planning

Significant business tax provisions in the One, Big, Beautiful Bill Act

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July 14, 2025
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The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions. First-year bonus depreciation The OBBBA permanently restores the 100% first-year […]
#OBBBA2025, #TaxLawUpdate, #TaxPlanning2025
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Tax Planning

Tap into the 20% rehabilitation tax credit for business space improvements

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July 7, 2025
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If your business occupies a large space and you’re planning to relocate, expand or renovate in the future, consider the potential benefits of the rehabilitation tax credit. This could be particularly valuable if you’re interested in historic properties. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building […]
#HistoricPreservation, #QualifiedRehabilitation, #RehabilitationTaxCredit
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Tax Planning

Is college financial aid taxable? A crash course for families

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June 25, 2025
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College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average cost for tuition and fees for out-of-state students at public colleges was $30,780. For in-state students, the cost was $11,610. Of course, there are additional costs […]
#CollegeCosts, #FinancialAid, #Scholarships
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Tax Planning

DOs and DON’Ts to help protect your business expense deductions

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June 23, 2025
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If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]
#BusinessExpenses, #IRSCompliance, #TaxDeductions
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Tax Planning

Are you missing a valuable tax deduction for Medicare premiums?

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June 18, 2025
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If you’re age 65 or older and enrolled in basic Medicare insurance, you may need to pay additional premiums to receive more comprehensive coverage. These extra premiums can be expensive, particularly for married couples, since both spouses incur the costs. However, there may be a silver lining: You could be eligible for a tax deduction […]
#MedicalDeductions, #MedicarePremiums, #RetirementTaxes, #TaxPlanning
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Tax Planning

The One, Big, Beautiful Bill could change the deductibility of R&E expenses

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June 16, 2025
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The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies focused on innovation. As the tax code currently stands, the deductibility of these expenses is limited, leading to financial strain for companies that used to be able to expense them immediately. But proposed legislation dubbed […]
#REExpenses, #ResearchAndDevelopment, #Section174
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