Business Tax provisions in the One Big Beautiful Bill Act
Bonus depreciation: The bill permanently extends the Sec. 168 additional first-year (bonus) depreciation deduction. The allowance is increased to 100% for property acquired and placed in service on or after Jan. 19, 2025, as well as for specified plants planted or grafted on or after Jan. 19, 2025. Sec. 179 expensing: The bill increases […]
Individual Tax provisions in the One Big Beautiful Bill Act
Tax rates: The bill generally makes the tax rates enacted in 2017 in the TCJA permanent. The bill adds an additional year of inflation adjustment for determining the dollar amounts at which any rate bracket higher than 12% ends and at which any rate bracket higher than 22% begins. Standard deduction: The bill makes the TCJA’s increased […]
EV’s, Better Home Loan Interest Rates, Basic Estate Planning, and More…
Buying an Electric Vehicle? The Latest from the IRS Regarding EV Tax Credits The IRS recently issued new guidance on electric vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023 or later: The new clean vehicle credit is available through 2032, […]
Small Business Tax-Saving Tips
Now that the April 2023 tax deadline has passed, let’s take a deep breath and pause for a moment. But just for a moment though. We still have a business tax deadline coming up on September 15th, so let’s look at a few things to consider between now and then. Know the $75 Rule […]
Some Tax-Saving Tips to Keep in Mind
Holding Real Property in a Corporation: Is it a Good or Bad Idea in New England? As the real estate market has cooled off in many parts of the country, investing in property may seem wise in the long run. But taxes can be a significant concern. Owning real estate in a C corporation may […]
CSP Tax and Accounting
Earn 9.62 Percent Tax-Deferred Interest with Series I Bonds Inflation is seldom a good thing. But when it comes to investing, the U.S. Treasury Department has an inflation opportunity that’s downright amazing. You can buy bonds that pay 9.62 percent interest—tax-deferred—with no downside risk, and with no state or local income taxes when you cash […]
