Tax Planning

Ways to manage the limit on the business interest expense deduction

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March 3, 2025
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Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions. If your business has significant interest expense, it’s important to understand the impact of the […]
#businesstaxes, #Section163j, #TaxPlanning, #TCJA
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Tax Planning

Drive down your business taxes with local transportation cost deductions

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December 9, 2024
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Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Let’s start by defining “local transportation.” It refers to travel when you aren’t away from your tax home long enough to require […]
#businesstaxes, #cost, deductions
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