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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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Rep. Vern Buchanan has introduced legislation to make permanent certain individual-related and small-business-related provisions of the Tax Cuts and Jobs Act (TCJA).
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Since the Tax Cut and Jobs Act was passed, there’s been a $10,000 limit on the deduction for state taxes paid by individuals on their federal returns. A growing number of states, including Minnesota, now offer workarounds to this personal state tax deduction limitation.
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One of the benefits of the Tax Cuts and Jobs Act (TCJA) was the extension of the 100% bonus depreciation rules. The updated rules excluded qualified improvement property from accelerated depreciation, essentially shutting businesses out of the benefit. Then came an unexpected silver lining.
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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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Over the last two years, we’ve all heard about the Tax Cuts and Jobs Act and the business-friendly measures that came with it. But amid the shiny new perks of tax reform, there’s a tax credit that’s still one of the best ways for businesses—including manufacturers—to reduce their tax liability.
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