In a groundbreaking move, the Internal Revenue Service (IRS) has announced the mileage reimbursement rates for 2025, reflecting a substantial increase compared to previous years. This adjustment, effective from January 1, 2025, signals a significant shift in transportation expense deductions, potentially impacting millions of taxpayers who utilize motor vehicles for business purposes. The IRS has … Read more
The Tax Cuts and Jobs Act of 2017 made significant changes to the tax code, including the introduction of bonus depreciation. Bonus depreciation allows businesses to deduct a larger portion of the cost of certain assets in the year they are placed in service. This provision was originally scheduled to expire at the end of … Read more
The Section 179 deduction is a powerful tax incentive that can save businesses a significant amount of money on their federal income taxes. By making certain investments in eligible property, businesses can deduct the full cost of the property in the year it is placed in service, rather than depreciating it over several years. This … Read more
