Tax Inflation Adjustments for 2025
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.
Category: TCJA
Preparing for 2024 Tax Season
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.
2024 Tax Year Adjustments
The IRS issued tax adjustments for tax year 2024, which applies to income tax returns filed in 2025, including the standard deduction for married couples filing jointly for tax year 2024, Alternative Minimum Tax (AMT) exemption, and Earned Income Tax Credit (EITC).
Mergers and Acquisitions Tax Planning
The Tax Cuts and Jobs Act (TCJA), passed in late 2017, changed many facets of tax planning, including mergers and acquisitions (M&A). TCJA created a variety of opportunities for mergers and acquisitions and any business considering a future M&A should be aware of the changes.
2020 Business Tax Deductions
It has been a challenging year, but one thing that has not changed is taxes. Fortunately, Arizona businesses can take advantage of certain tax deductions.
Section 179 Can Help Construction Companies
Construction companies have an opportunity to save on taxes through Section 179. The deduction can help with the rising expense of labor in light of the skilled worker shortage and contribute to training employees.
IRS Final Regulations on Meals and Entertainment
The 2017 TCJA changed rules for meals and entertainment. Recent IRS guidance may clear up some confusion and Arizona business owners should consult with their CPA to make sure they are not violating any rules or leaving money on the table.