Withum

DECEMBER 4, 2024

Any asset with a class life of less than 15-years can still be depreciated using MACRS and take advantage of bonus depreciation (60% in 2024 and 40% in 2025). Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting.

Tax 105

Tax income tax Construction Non-Profits 105

Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

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income tax Tax accounting standards accounting and finance 80

Withum

DECEMBER 4, 2024

Employers must withhold the additional Medicare tax from wages in excess of $200,000, regardless of filing status or other income. Thus, you can minimize the additional Medicare tax by deferring income to 2025. million in 2025). The current lifetime exemption is $13.61 million per person (and increasing to $13.99

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Withum

NOVEMBER 17, 2022

Geography, such as distressed zones, enterprise zones, or tax-increment finance districts. Contact a member of Withum’s Tax Services Team to start planning as year-end approaches. Year-End Tax Planning for Businesses. The corporate tax rate is currently a flat 21% rate. Energy credits. Not-for-profits.

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tax planning Tax Construction income tax 98

Withum

DECEMBER 23, 2023

Accountants are left scratching their heads in the realization that many of their clients are faced with devastating options, including severe cutbacks on their R&E expenditures, relocating research activities out of the United States, or even closing their business altogether. appeared first on Withum.

Pharmaceutical 52

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xendoo

JANUARY 16, 2023

A total of 23 individual and business tax TCJA provisions are set to expire on December 31, 2025. A tax professional can help you understand these changes and their impact on your business. Inflation Reduction Act (IRA) The Inflation Reduction Act (IRA) also influences how much you could pay in taxes.

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business tax Tax income tax payroll tax 52

xendoo

FEBRUARY 13, 2023

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them.

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