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Business losses

Significant business tax provisions in the One, Big, Beautiful Bill Act

Business Interest Expenses, Clean Vehicle Credit, Depreciation Deduction (Section 179), One, Big, Beautiful Bill Act, Qualifying Leave for Family Medical Leave, Small Business, Small Business Owners, Small Business Tax Tips, Tax Incentives /

The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions. First-year bonus depreciation The OBBBA permanently restores the 100% first-year […]

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Do you have an excess business loss?

Federal Income Tax, LLC, Net Operating Loss (NOL), Partnerships, Past-Through Entities, S Corporations, Small Business, Small Business Owners /

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during

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Choosing an entity for your business? How about an S corporation?

C Corporation, Qualified Business Income Deducton (QBI), S Corporation, Self Employment Tax, Shareholder, Small Business, Small Business Tax Tips /

If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why. A big benefit of an S corporation over a partnership is that as S corporation shareholders, you

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Inflation Reduction Act provisions of interest to small businesses

(CARES ACT), Alternate Minimum Tax (AMT), Federal Tax Credit, Inflation, Inflation Reduction Act, Payroll Tax Credit, Research Tax Credit, Small Business, Social Security Tax, Tax Cuts and Job Acts (TCJA) /

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. And the

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