Bonus depreciation of 100 percent ends on December 31, 2022. This is sad news for business owners. . Then, starting in 2023, lawmakers scheduled bonus depreciation to decline by 20 percent each year. It will be reduced to 80 percent in 2023 and will decline 20 percent each succeeding year through 2027 when it will … Read more
There are many good reasons to convert your business to an S Corporation. The opportunity to save on taxes is likely the chief reason. Forming an S Corporation may appear simple but there are some hidden rules that become potholes if they are not avoided. It is crucial for a business owner to identify these … Read more
Thanks to the newly enacted Inflation Reduction Act, there is much to consider when buying an electric vehicle or a plug-in hybrid. Significant Changes in the Electric Vehicle Credit for 2022 Applying to both business and non-business vehicles, the $7,500 maximum credit for fully electric cars or plug-in hybrid electric vehicles remains in place through … Read more