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5 tax breaks on the table: What business owners should know about the latest proposals
June 24, 2025
Categories: Business, Depreciation, QBI, R&E, Section 179, Tax Breaks, The One, Big, Beautiful Bill
A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it’s already sparking attention across business communities. Here’s a look at the current rules and proposed changes for five key tax provisions and what they could mean for your business. 1. Bonus depreciation Current rules: Businesses can deduct 40% of the cost of eligible new and used
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How inflation will affect your 2024 and 2025 tax bills
December 3, 2024
Categories: 401(k), 403(b), 457 plan, Flexible Spending Account, GiftTax, inflation, Retirement, Secure2.0, Standard Deduction, Tax Breaks
Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next year’s inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you? A larger standard deduction will shelter more income from federal income tax next year. For 2025, the standard deduction will