Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to…
Three key tax provisions you should know for 2023 Are you up to date on the latest tax law changes that could affect your manufacturing business? Barring further legislation, certain key provisions have expired or have begun…
Does your manufacturing company need to acquire new equipment to meet demand? Fortunately, there’s a tax break that can help: the Section 179 deduction. It allows you to deduct this year the cost of qualifying new or…
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. Business owners should plan accordingly as first-year depreciation will begin to decline from…
Small-sized manufacturers may enjoy several tax advantages that allow them to reduce their tax bills, defer taxes, and simplify the reporting process. Federal tax rules used to generally define a “small business” as one with average annual…
Cost-Of-Living Tax Planning for 2021 The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end…
President Trump’s tax plan for this election year are brief and, in some cases, not detailed. But it is fair to say that his major tax priorities already were enacted as part of the Tax Cuts and…
What You Need To Know About Business Meals and Entertainment Deductions Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help…
Your NOL could change due to COVID-19 The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming…
The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after Dec. 31, 2017. Among other things, the proposed regs clear up lingering confusion regarding whether meals are considered…
As we enter the second tax season since the Tax Cuts and Jobs Act of 2017 (TCJA) went into effect, a tax deduction, 199a, that was created for owners of pass-through businesses remains one of the most…
There’s nothing like a deadline to get things moving in Congress, and December 2019 was no exception. In the waning days of the year, lawmakers married together three important pieces of legislation that will impact many taxpayers…
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