Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year. However, as you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.
Business Mileage Rate Is Up for 2025
The IRS has issued the 2025 cents-per-mile rates that can be used to calculate tax-deductible vehicle operating costs. Effective Jan. 1, 2025, the standard mileage rate for the business use of a car, van, pickup truck, or panel truck is 70 cents per mile.
The Tax Treatment of Intangible Assets
Intangible assets, such as patents, trademarks, copyrights, and goodwill, are crucial to today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions.
ESOPs Can Help Business Owners With Succession Planning
Devising and executing the right succession plan is challenging for most business owners. In worst-case scenarios, succession planning is left to chance until the last minute. Chaos, or at least much confusion and uncertainty, often follows.
The Pros and Cons of Operating as a C Corporation
When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Here’s a detailed look at the pros and cons of operating as a C corporation.
Understanding the Work Opportunity Tax Credit
According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024.
January 2025 Tax Due Dates
January 15 Employers: Deposit nonpayroll withheld income tax for December 2024 if the monthly deposit rule applies. Individuals: Pay the fourth installment of 2024 estimated taxes (Form 1040-ES) if not paying income tax through withholding or not paying sufficient income …
Starting a Home-Based Business
More than half of all businesses today are home-based. Every day, people strike out to achieve economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs – home-based business people.
And with technological advances in smartphones, tablets, and iPads and rising demand for “service-oriented” businesses, the opportunities seem endless.
Rehabilitation Tax Credit for Owners of Historic Buildings
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.
Business Owners: Be Sure You’re Properly Classifying Cash Flows
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.