Coordinating Sec. 179 tax deductions with bonus depreciation

Coordinating Sec. 179 tax deductions with bonus depreciation

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions....
Maximize the QBI deduction before it’s gone

Maximize the QBI deduction before it’s gone

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big...
Taking your spouse on a business trip? Can you write off the costs?

Taking your spouse on a business trip? Can you write off the costs?

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel...
Tax Credits vs. Tax Deductions for Individuals

Tax Credits vs. Tax Deductions for Individuals

When it comes to tax season, you may hear about tax credits and deductions and wonder – what’s the difference? Both can lower your tax bill, but they work differently. Knowing what they are and how they impact your tax situation can benefit you and your...