Tax Planning

No tax on car loan interest under the new law? Not exactly

ChatGPT said: A, desk, with, a, blue, toy, car, calculator, car, keys, and, a, person, in, the, background, writing, on, paperwork, suggesting, car, financing, or, purchasing.
August 15, 2025
H&B
0
Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan […]
#CarLoanInterest, #OBBBA, #TaxUpdate2025
Find Out More
Business Planning & Consulting, Tax Planning

A tax guide to choosing the right business entity

A,document,on,different,types,of,business,formations,being,read
August 11, 2025
H&B
0
One of the most critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity type. This choice directly impacts how the business is taxed, the level of administrative complexity and regulatory compliance obligations. While legal liability considerations also matter, we will focus on tax implications. For liability advice, consult a […]
#BusinessEntities, #ChooseTheRightEntity, #SmallBusinessSuccess
Find Out More
Tax Credits, Tax Planning

Act soon: The OBBBA ends clean energy tax breaks

Houses, solar panels, electric car, charging station, sun, clouds, hills.
August 6, 2025
H&B
0
The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back […]
#CleanEnergy, #EnergyTaxCredits, #TaxCredits, #TaxPlanning
Find Out More
Tax Planning

The new law includes a game-changer for business payment reporting

Form, Nec,,nonemployee,compensation,,irs,tax,return,filing,document,close Up
August 4, 2025
H&B
0
The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation. The current requirement: $600 threshold […]
#IRSUpdate, #OBBBA, #TaxPlanning
Find Out More
Tax Planning

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

ChatGPT said: Magnifying, glass, AMT, text, laptop, keyboard, red, handle, gold, rim, One, Big, Beautiful, Bill, Act, text.
July 30, 2025
H&B
0
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
Find Out More
Tax Planning

The new law includes favorable changes for depreciating eligible assets

ChatGPT said: Silhouettes, of, three, interlocking, gears, and, a, dollar, sign, symbolizing, business, finance, and, operational, efficiency, with, a, warm, sunrise, or, sunset, in, the, background.
July 21, 2025
H&B
0
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
Find Out More
Tax Planning

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

Wooden, blocks, spelling, "TAX", with, finance, icons,, topped, by, a, hand, placing, a, "%", block,, alongside, text:, "One,, Big,, Beautiful, Bill, Act."
July 14, 2025
H&B
0
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
Find Out More
Tax Planning

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

Provo,,utah,,usa,downtown,on,center,street,at,dusk.
July 7, 2025
H&B
0
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
Find Out More