Remove 2026 Remove business tax Remove tax planning
article thumbnail

Aprio Releases 2024 End-of-Year Tax Update

CPA Practice

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. corporation in these transactions, helping to prevent double taxation or loss of basis.

Tax 59
article thumbnail

What is Qualified Improvement Property and its depreciation method?

ThomsonReuters

Starting from tax years beginning after December 31, 2022, the 100% bonus depreciation deduction will gradually decrease by 20% each year until it reaches a complete phase-out by the end of the 2026 calendar year. By 2026, the bonus depreciation decreases to 20%.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Navigate tax season with these resources for accountants

ThomsonReuters

In this post, we will highlight 3 of our top resources included in our Tax Season Toolkit : Year-End Tax Planning for individuals and businesses, How APIs can help transform your practice, and a Case Study detailing how GoSystem Tax RS and GoFileRoom helped a firm. What’s new? •

Tax 59
article thumbnail

Year-End Tax Planning Strategies for Businesses

KROST

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. The Protecting Americans from Tax Hikes Act of 2015 made the R&D credit permanent. This year has brought unique challenges and significant change.

article thumbnail

Individuals and Pass-Through Entity Owners Leery Over Harris Tax Policy

Withum

With the Presidential election less than one month away, private and family-owned businesses are in limbo when dealing with 2024 year-end tax planning. In 2026 the same couple with that same taxable income of $110,000 will see their federal tax bill grow to $15,013, or approximately $2,000 or 16%. million in 2032.