Businesses Can Save Taxes by Acquiring and Placing Assets in Service by Year End
Dec 5, 2023 | Tax Tips
Under Section 179 of the Internal Revenue Code, companies can “expense” the full cost of qualifying fixed assets to reduce their taxable income. This means they can deduct the purchase amount currently rather than having to depreciate the asset over many years. Both...Make 2023 Annual Exclusion Gifts by Dec. 31
Dec 5, 2023 | Tax Tips
One of the most effective estate-tax-saving techniques is also one of the simplest: making use of the gift tax annual exclusion. It allows you to give to an unlimited number of family or friends cash or property valued up to a “specified” amount each year without...New Per Diem Rates for Business Travel
Nov 14, 2023 | Tax Tips
The IRS has announced the per diem rates for ordinary and necessary business travel expenses in fiscal year 2023-24: When using the high-low substantiation method, the rate for travel to high-cost localities is $309 per day and the rate for all other continental...Follow IRS Rules to Nail Down a Charitable Tax Deduction
Nov 14, 2023 | Tax Tips
Donating cash and property to your favorite charity is beneficial to the charity, but also to you in the form of a tax deduction if you itemize. However, to be deductible, your donation must meet certain IRS criteria. First, the charity you’re donating to must...Withdrawing ERC Claims
Nov 14, 2023 | Tax Tips
Recently, the IRS halted processing of claims for the Employee Retention Credit (ERC), due to a high volume of fraudulent claims. The moratorium is through at least the end of 2023. ERC claims that were already filed are now subject to longer processing, including...Tax Due Dates for
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