Tag: deduction

Business losses can happen, whether you're operating a new company that hasn't yet earned a profit or a mature business that's been squeezed by today's volatile economy. While no one likes to lose money, the Read More

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 to phase out. Here are three that Read More

It's time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond. Read More

Most people already understand the tax rules for individual charitable donations, including generous deductions that may be available to itemizers when they give cash or property to charity. But your business may also reap tax Read More

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 Read More

Revenue generated by 501(c)(3) organizations is generally exempt from federal income tax. But in some cases, your not-for-profit may incur unrelated business income tax (UBIT) on revenue. The good news is your annual tax return Read More

Are you a business owner working from home as a sole proprietor or an entrepreneur with a home-based side gig? As long as you meet certain requirements, you may qualify for sizeable home office deductions, Read More

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren't available for larger entities. Here are three examples to consider as you file your tax return Read More

First-year bonus depreciation typically creates a powerful tax incentive for eligible manufacturers to purchase qualified property needed for business reasons. These tax write-offs can benefit a manufacturer's cash flow, but claiming them isn't always the Read More

Since the qualified business income (QBI) deduction first become available in 2018, things have changed dramatically, mainly due to the various effects of the COVID-19 pandemic. Possible tax rate increases and inflation have also entered Read More