For 2025 through 2028, you may be able to deduct up to $10,000 a year of interest on a loan for a new, U.S.-assembled personal vehicle. Leases and used cars do not qualify, and the deduction phases out above $100,000 of income ($200,000 joint).
Buying a Car? The New Car Loan Interest Deduction Explained Read More »
Permanent 100% bonus depreciation for property acquired after January 19, 2025, a $2.56 million Section 179 limit for 2026, and immediate deductions for domestic research costs. Here is how to use them before year-end, and why California’s numbers will differ.
Business Owners: 100% Bonus Depreciation Is Back, and Section 179 Is Bigger Read More »
[mp_row] [mp_span col=\”12\”] To most of us, the word \”dependent\” is synonymous with \”child,\” but the IRS\’s definition is a little different. For tax purposes, a dependent must be either a \”qualifying child\” or a \”qualifying relative.\” To be a qualifying child, the child must: Live in your home for over half the year Be
Who\’s a Dependent? Read More »
Tis the Season, at the end of the year, companies often celebrate the holidays by having office parties or giving gifts to their employees. The following are some general guidelines as to what is taxable and what is not. Gifts. Employers can give their employ- ees merchan- dise of nominal value – hams and turkeys,
Tax Credit Opportunities, tax deductions aren\’t the only things to consider when looking for ways to reduce your 2013 tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially \”refundable\”
Tax Credit Opportunities Read More »
Powerful Deductions, taxpayers like deductions because they\’re a key to lowering taxes. But not all deductions work the same way in the tax calculation. Those you are allowed to claim \”above the line\” can be especially powerful. On your personal tax return, abovethe- line deductions are subtracted from your income to arrive at your adjusted
Powerful Deductions Read More »
Tax Breaks for Caregivers, at some point in your life, you may find yourself caring for elderly parents or other relatives. Or you may be doing it now. Whether it\’s hands-on care or financial aid only, providing care may allow you to take advantage of certain tax breaks. Dependency exemption. The person you are caring
Tax Breaks for Caregivers Read More »
Don\’t Be Caught by Surprise, for much of 2012, uncertainty about the fate of various favorable tax law provisions set to \”sunset\” at the end of the year has complicated tax planning. Although the situation may change, as this article goes to press, taxpayers are still waiting for answers from lawmakers and weighing what planning
Don\’t Be Caught by Surprise Read More »
Generous Write-Offs Available For Equipment Purchases, businesses have additional incentive to purchase machinery, equipment, and various other assets this year. In a bid to increase business spending on capital investment, Congress has added new incentives as part of the 2010 Tax Relief Act. Equipment Purchases 100% Write-off The new law allows businesses to write off
Generous Write-Offs Available For Equipment Purchases Read More »
