Beginning January 1, 2025, the standard mileage rate for autos driven for business increases to 70 cents per mile. The rates apply to fully-electric and hybrid automobiles, as well as gasoline and diesel-powered vehicles.
Business assets for an office are expensive to buy, maintain, and replace, such as computers and copy machines. Their costs can be depreciated over several years. What options are available for depreciating these costs?
For periods beginning January 1, 2025, owners of Arizona residential rental properties are no longer required to collect, file, or pay residential rental taxes.
The IRS is reminding taxpayers that personal expenses pertaining to health and wellness cannot be deducted or reimbursed.
The tax rules on deducting meals have changed over the years. What kinds of deductions are available, and when? What about the annual holiday party for your employees?
Wallace Plese + Dreher (WP+D) hosted an employee masquerade ball at the Arizona Grand Resort & Spa on December 7, 2024.
In 2025, the Corporate Transparency Act (CTA) was scheduled to affect many businesses with some heavy-duty reporting requirements. A court has effectively stopped it for now, and possibly permanently.
Section 199A is considered a valuable tax benefit for small business owners. It allows qualified businesses to deduct about 20% of net income. However, there are some limitations and restrictions. What qualifies as a business deduction and who may take it?
Arizona provides two separate tax credits for individuals who make contributions to charitable organizations: one for donations to Qualifying Charitable Organizations (QCOs) and second to Qualifying Foster Care Charitable Organizations (QFCOs).
The IRS announced the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.
The IRS announced the annual inflation adjustments for tax year 2025. Generally, the tax adjustments apply to income tax returns to be filed in tax season 2026.
There are many tax uncertainties facing the end of 2024. Mainly, whether proposals from the presidential candidates will affect taxes. However, in any year, you can apply core tax planning strategies relative to income and deductions.