Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to…
The rehabilitation tax credit, also known as the historic tax credit, should be kept in mind if your business occupies substantial space and needs to expand or move. The tax credit The credit is equal to 20%…
President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect…
It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few…
Three key tax provisions you should know for 2023 Are you up to date on the latest tax law changes that could affect your manufacturing business? Barring further legislation, certain key provisions have expired or have begun…
Election at entity level allows for unrestricted federal deduction on Ohio taxes Matthew D. Maker, CPA, MT, Director, Barnes Wendling CPAs A.J. Volpe, Tax Specialist, Barnes Wendling CPAs With the passage in June of Ohio Senate Bill…
Does your manufacturing company need to acquire new equipment to meet demand? Fortunately, there’s a tax break that can help: the Section 179 deduction. It allows you to deduct this year the cost of qualifying new or…
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. Business owners should plan accordingly as first-year depreciation will begin to decline from…
Small-sized manufacturers may enjoy several tax advantages that allow them to reduce their tax bills, defer taxes, and simplify the reporting process. Federal tax rules used to generally define a “small business” as one with average annual…
There’s nothing like a deadline to get things moving in Congress, and December 2019 was no exception. In the waning days of the year, lawmakers married together three important pieces of legislation that will impact many taxpayers…
With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain…
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