Tag: Tax Strategies

Ohio's Commercial Activity Tax (CAT) has undergone significant changes for 2024 and 2025, reducing the tax burden for many small businesses. Here's a brief update on the CAT tax changes:   Increased exclusion thresholds: 2024: Read More

The Republicans will soon control the White House and both chambers of Congress, which will likely open the door for major tax legislation next year. Here are some thoughts on how this power shift could Read More

The Corporate Transparency Act (CTA) was passed in 2021 and created a new mandate for beneficial ownership information (BOI) reporting to the Financial Crimes Enforcement Network (FinCEN) starting in 2024. This legislation aims to combat Read More

With year end rapidly approaching, many business owners are focusing on budgeting and strategic planning for 2025. But you shouldn't overlook last-minute opportunities to cut taxes for 2024. Here are some tax-smart moves for businesses Read More

Businesses structured as partnerships, S corporations or limited liability companies generally aren't subject to the federal corporate income tax. This is because tax liability "passes through" such entities to each business partner's individual level. If Read More

The IRS has published final regulations for the Section 45X advanced manufacturing production credit. The final regs update several significant areas from the proposed regs released in late 2023.   The Credit in a Nutshell Read More

Internal Revenue Code Section 179 potentially allows significant first-year depreciation deductions when your business places qualifying assets into service. You generally want to maximize current year depreciation write-offs for newly acquired business assets. However, the Read More

Are the costs of holiday parties tax deductible? Despite a recent crackdown on business entertainment expense deductions, your company's holiday bash may still qualify for write-offs for the 2024 tax year. You might even be Read More

Businesses are returning to their regular work premises in droves. About 65% of U.S. businesses expect to implement return-to-office policies by the end of 2024, in either a full-time or hybrid capacity, according to Resume Read More

The Tax Cuts and Jobs Act (TCJA) included a significant — but delayed — change to the tax treatment of research and experimentation (R&E) expenses under Internal Revenue Code (IRC) Section 174. To the surprise Read More