If you own a historic building, you may be eligible for significant savings through the rehabilitation tax credit. This federal incentive encourages renovating and restoring historic or old buildings, preserving architectural history while promoting economic revitalization.
Understanding the details of the rehabilitation tax credit can help building owners maximize its benefits and ensure compliance with the program’s requirements.
Properly prepared financial statements provide a wealth of information about your company. But the operative words there are “properly prepared.” Classifying information accurately isn’t always easy — especially as the business grows and its financial transactions become more complex.
When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities.
You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at what you can deduct in 2024.
Two questions:
Having won control of the White House, the Senate, and the House of Representatives, Republicans will have the opportunity to move forward with their vision for federal taxes. What might this mean?
Many Americans have become victims of natural disasters in 2024. Wherever you live, unexpected disasters may cause damage to your home or personal property, creating a “personal casualty loss.” This is defined as damage from a sudden, unexpected, or unusual event, such as a hurricane, tornado, flood, earthquake, fire, act of vandalism, or terrorist attack.
A cost segregation study allows a business property owner to accelerate depreciation deductions. That, in turn, enables the owner to reduce current taxable income and increase cash flow.
If you’re subject to required minimum distributions (RMDs), you must take your 2024 RMD by December 31 to avoid penalties.
As the end of the year approaches, many people give more thought to supporting charities they favor. To avoid losing valuable charitable deductions if you itemize, you’ll need specific documentation, depending on the type and size of your gift. Here’s a breakdown of the rules:
