Being a small business owner can come with valuable tax breaks, but sometimes, navigating the complexity of small business taxes can be tricky. One tax deduction that can be particularly confusing is bonus depreciation. In this guide, we’ll cover the ins and outs of bonus depreciation to help you understand this deduction better and ultimately
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Options to Offset Tax Cuts: Tax Credits, Tax Expenditures Skip to content Home • Blog • Cleaning Up the Tax Code Could Raise Trillions for Tax Reform Key Points Preferences in the taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs
Both the Internal Revenue Service (IRS) and the state of California have granted tax relief for recent wildfire victims in southern California. If you were impacted by the fires in Los Angeles County, this gives you more time to file your 2024 income tax return and make any necessary tax payments. Let’s break down what
State Sales Tax Rates Five states forego statewide sales taxes: Alaska, Delaware, Montana, New Hampshire, and Oregon. Of these, only Alaska allows localities to impose local sales taxes. California has the highest state-level sales tax rate, at 7.25 percent.[1] Four states tie for the second-highest statewide rate, at 7 percent: Indiana, Mississippi, Rhode Island, and
Tax season is here, and unfortunately, so are scammers. The Treasury Inspector General for Tax Administration (TIGTA) recently issued a new warning for 2025 about text messages impersonating the IRS. Here’s what you need to know to avoid this new tax scam and protect your tax information. Context: The IRS Recovery Rebate Credit announcement Scammers
State Income Taxes on Nonresidents: Remote Work & Hybrid Work Skip to content Table of Contents Key Findings Five years after the start of the COVID-19 pandemic, remote and hybrid work has become a way of life for many Americans. Even occasional remote or hybrid work, or work-related travel, triggers nonresident individual income taxAn individual
Updated for tax year 2024. Your wedding day is one of the most exciting and memorable days of your life. It makes all the hectic planning leading up to the big day well worth it. As you walk down the aisle to say, “I do,” you probably aren’t thinking about your income taxes. But, your
German Election: International Tax & Trade Policy Implications Skip to content Home • Blog • Transatlantic Tensions: What the German Election Could Mean for International Tax & Trade Policy After the collapse of the German government coalition in November 2024, a new federal election will take place on 23 February. Unlike German elections of the
Updated for tax year 2024. If you recently got married or are thinking about tying the knot soon, it’s never too early to start thinking about the tax implications of marriage. Many times, getting married and filing jointly with your spouse can bring some nice tax advantages along with it. At a glance: Filing jointly
EU Distributed Profits Tax? | EU 28th Regime Tax Plans Skip to content Home • Blog • Distributed Profits Taxation Would Be a Good Role Model for the EU’s 28th Regime In a recent speech at the Davos Economic Forum, European Commission President Ursula von der Leyen announced plans to create a single set of
Updated for tax year 2024. As the baby boomer generation ages, more taxpayers are handling estate and trust taxes for the first time. According to Accounting Today, the number of income tax returns for estates and trusts (Form 1041) increased by 14.9% between 2020 and 2021. But for many of us, handling taxes for an estate or trust
Skip to content Home • Podcast • Will Your Taxes Go Up? Best- and Worst-case Scenarios for Tax Reform in 2025 January 22, 2025By: Daniel Bunn, Erica York, Kyle Hulehan, Dan Carvajal What will the future of taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or