Mar 10, 2025 | Tax Talk Tuesdays
Depreciation allows businesses to spread the cost of expensive assets over their useful life, accounting for wear and tear while reducing taxable income through annual deductions. This approach helps manage cash flow, ensures tax compliance, and prevents financial...
Mar 3, 2025 | Tax Talk Tuesdays
Pennsylvania, New Jersey, and New York introduced significant tax changes in 2025, impacting businesses and individuals. These updates include corporate tax reductions, new tax credits, and adjustments to transportation-related taxes. Pennsylvania’s Tax Adjustments...
Feb 28, 2025 | Blog Posts, Tax
The U.S. Treasury Department announced on March 2, 2025, that it will not enforce penalties for noncompliance with the beneficial ownership information (BOI) reporting requirement provision of the Corporate Transparency Act (CTA). In addition to suspending fines and...
Feb 25, 2025 | Tax Talk Tuesdays
The Qualified Business Income (QBI) deduction—the Section 199A deduction—offers a powerful way to reduce taxable income for many business owners. Designed for sole proprietors, partners in partnerships, shareholders in S corporations, and certain trusts and estates,...
Feb 20, 2025 | Blog Posts
The Financial Crimes Enforcement Network (FinCEN), which oversees compliance with Beneficial Ownership Information (BOI) rules under the Corporate Transparency Act (CTA), has pushed the deadline for submitting initial, updated, or corrected reports to March 21, 2025....
Feb 18, 2025 | Tax Talk Tuesdays
Selling goods or services online has become increasingly common, and with that comes tax reporting responsibilities. If you sold event tickets, personal items, or other goods or services online and received Form 1099-K, you may wonder how to handle it on your tax...
Feb 11, 2025 | Tax Talk Tuesdays
Charitable giving allows individuals and businesses to support their communities while benefiting from valuable tax deductions. However, maximizing these deductions requires understanding eligibility, limitations, and documentation requirements. To qualify, donations...
Feb 3, 2025 | Tax Talk Tuesdays
Building owners and designers seeking ways to enhance energy efficiency while reducing tax liabilities should be aware of the Energy Efficient Commercial Buildings Deduction (179D deduction). This tax incentive allows eligible taxpayers to claim a deduction for...
Feb 3, 2025 | Tax Talk Tuesdays
Delaware employers and employees are going to experience a change in payroll deductions with the enactment of the Delaware Paid Family and Medical Leave (PFML) program. Signed into law in May 2022, this legislation is designed to provide wage replacement benefits to...
Jan 27, 2025 | Tax Talk Tuesdays
For manufacturers, innovation is not merely a driver of growth but an essential strategy for survival and success in today’s fiercely competitive landscape. The Research and Development (R&D) Tax Credit provides manufacturers with a valuable opportunity to offset...
Recent Comments