All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will begin to phase out: 100 percent bonus depreciation. Since late 2017, businesses have used bonus depreciation to deduct 100 percent of the cost of most...
At first glance, the corporate tax rules for forming an S corporation appear simple. They are not. Avoid these mistakes when you convert to an S-corp. Basic Requirements Here is what your business must look like when it operates as an S corporation: 1. The S...
There’s good and bad news if you’re in the market for an electric or plug-in hybrid electric vehicle. The good news is that the newly enacted Inflation Reduction Act includes a wholly revamped tax credit for electric vehicles that starts in 2023 and continues through...
You may have heard that the newly enacted Inflation Reduction Act includes an expanded tax credit for electric vehicles. Although this personal credit has gotten most of the publicity, the new law launched a new commercial clean vehicle credit—specifically for...
Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Here’s a question: Does a member of a limited liability company (LLC) or a partner in a partnership have to pay...
