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 Tax Cuts and Jobs Act of 2017 (TCJA) ushered in a seismic shift in the tax landscape, introducing a slew of changes that profoundly impacted both individuals and businesses. One such provision, the elimination of the state and local tax (SALT) deduction, has generated significant controversy and sparked widespread debate. Set to expire in … Read more
Get ready for significant tax changes in 2025 that will profoundly impact individuals and businesses alike. These modifications, enacted by the Tax Cuts and Jobs Act of 2017, are designed to simplify the tax code and stimulate economic growth. However, understanding these changes is crucial to avoid potential tax liabilities and maximize your financial well-being. … Read more
