Purchases of new and used commercial vehicles are eligible for tax exemptions per the current tax law. Some vehicles may be eligible for higher deductions than others.The first year...
There are essential elements in the 2018 tax law changes that will affect farmers and their families. These changes span through to 2025.Effect on Individuals Standard Deduction:...
Posted by Carmen Garcia on 11/18/2020
The IRS issued depreciation limits for commercial passenger cars placed in service by taxpayers in 2020. The IRS also released annual income inclusion values for these vehicles first...
Is Foster Income Taxed?Payments received as Foster Income are NOT taxable, so you do not need to report them. Suppose the assistance is provided to a qualified foster individual and...
The Internal Revenue Code is configured to offer numerous tax reductions to individuals and businesses. Even the IRS recognizes that you have to save money to live and manage your...
IRS has recently released a proposed guidance. It is for the provision of Tax Cuts & Jobs Act which permits for 100 percent depreciation deduction on the qualified property. This...
Posted by John Pournaras Agency on 10/26/2018
According to Internal Revenue Service, "This special bonus depreciation allowance is available to all businesses and applies to most types of tangible personal property and computer...
Posted by rinehimerbaker on 04/12/2018
History of the Bonus Depreciation LawUnder the previous law regarding bonus depreciation, a specified percentage of the cost related to acquiring a qualifying asset used to be deducted....
Posted by Foudy CPA Group,PC on 03/15/2018