January 2025
The Standard Business Mileage Rate Increased in 2025
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also [...]
Small Business Strategy: A Heavy Vehicle Plus a Home Office Equals Tax Savings
New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If [...]
Saving for College: Tax Breaks and Strategies Your Family Should Know
As higher education costs continue to rise, you may be concerned about how to save and pay for college. Fortunately, several tools and strategies offered in the U.S. tax code may help ease the financial [...]
How Section 1231 Gains and Losses Affect Business Asset Sales
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or [...]
December 2024
Appeals Court Reinstates Injunction Halting BOI Enforcement
On December 26, 2024, the Fifth Circuit Court of Appeals reinstated a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA), temporarily pausing the requirement for companies to disclose their Beneficial Ownership Information [...]
Federal Disaster Tax Relief Act Enacted
President Biden has signed the Federal Disaster Tax Relief Act (H.R. 5863; P.L. 118-148). As we previously reported here, the bill: Retroactively excludes from gross income qualified wildfire relief payments paid to individuals as compensation (other than insurance payments) for losses, expenses, [...]