ThomsonReuters

DECEMBER 1, 2023

If, during the tax year, a client has purchased a tangible or intangible asset and is looking to claim depreciation and amortization deductions or expense certain property under Section 179 , Form 4562 must be filed with their annual tax return. Any depreciation on a corporate income tax return (other than Form 1120-S).

tax return 97

tax return Tax Transportation Non-Profits 97

ThomsonReuters

AUGUST 24, 2023

Unfortunately, the complexities and the time it can take to manually input business clients’ asset information, especially when onboarding new clients, means added work and stress in an already busy tax season. The business owner can then deduct a portion of the equipment’s declining value from their taxes.

Tax 87

Tax business tax tax return accounted 87

Inform Accounting

NOVEMBER 18, 2022

This means electric cars costing over £40,000 will pay an (at current rates) extra £355 per year on top of the normal road tax of £165 per year. The benefit in kind tax for electric cars is going up to 5% by 2027/2028, with an increase of 1% per year taking effect in 2025/2026 until the 5% level is reached in 2027/2028.

Tax 52

Tax income tax tax return corporation tax 52

ThomsonReuters

AUGUST 25, 2023

When enacted, bonus depreciation enabled businesses to immediately write off 100% of the cost of eligible property acquired and placed in service after Sept. Book The trusted tax depreciation guide book from Thomson Reuters Checkpoint® Shop the Depreciation Quickfinder Handbook How does depreciation work in an S corporation?

corporation tax 98

corporation tax Tax income tax financial statements 98

DMCL

APRIL 11, 2022

The tax credit rates are 60% for eligible capture equipment used in a direct air capture project, 50% for all other eligible capture equipment and 37.5% for eligible transportation storage and use equipment with lower tax credit rates applicable from 2031 to 2040. Introduction of the Critical Mineral Exploration Tax Credit (CMETC).

Non-Profits 52

Non-Profits Real Estate Tax Construction 52

Withum

JULY 26, 2023

Any adjustment needed for a 2022 federal income tax return already filed which included the capitalization of research and experimental expenditures can either be amended or, at the taxpayer’s election, be treated as an automatic change in the method of accounting in the 2023 taxable year.

Tax 52

Tax income tax Manufacturing accounting and finance 52

Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Most dealers will need to rely on the prior year’s tax return filings to ensure the credit is allowable and therefore can be properly claimed by the dealership.

Tax 124

Tax income tax Manufacturing tax return 124