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With the 2024 election behind us, several tax changes are expected next year, including the expiration of many provisions of the 2017 Tax Cuts and Jobs Act on December 31, 2025.
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With several of the TCJA provisions are set to sunset or expire soon, here are four actions manufacturing businesses should consider before the end of 2024.
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The 199A deduction is still widely misunderstood. Much of the confusion surrounding it can be traced to this media-driven myth: service-based businesses do not qualify for the deduction. If you own a service-based business and have wondered about your eligibility, here’s what you should know.
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One rule that taxpayers are starting to feel the effect of is the “section 163(j) limitation,” also known as the business interest deduction limitation. Prior to the TCJA, this rule applied only to certain interest paid or accrued by corporations. However, things now have changed.
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The Tax Cuts and Jobs Act of 2017 (TCJA) has been lauded for reducing the U.S. corporate income tax rate from 35 percent to 21 percent. But the new tax law also takes away a long-enjoyed deduction: employee parking costs. Now, all employers—regardless of industry or entity type—may lose business tax deductions on parking provided to employees.
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If you’re a rental property owner, you know the need to renovate and make improvements never ends. Thankfully, there’s a relatively new tax law on the books, courtesy of the Tax Cuts and Jobs Act, that gives owners of commercial rental properties a significant tax benefit when making certain building improvements or repairs.
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As a rental property owner, it’s possible you could qualify for the 199A deduction—if you meet certain requirements. Your ability to qualify also depends on the facts and circumstances of your situation. Here are a few of the requirements rental property owners must meet in order to qualify.
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If you’re saving for a child’s or grandchild’s college education, a Section 529 college savings plan offers a welcome break: investment income on these state-sponsored accounts is exempt from both federal and state taxes if it is used for qualifying higher education expenses, of course.
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Many of the tax perks brought about by the Tax Cuts and Jobs Act (TCJA) are now common knowledge. But despite the new law having been in effect for more than six months, one in particular has flown largely under the radar: Qualified Opportunity Funds.
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Offering transportation fringe benefits is one way to provide your employees with a valuable perk. However, under the Tax Cuts and Jobs Act (TCJA), doing so in 2018 may be more costly for nonprofit organizations than ever before.
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