Source:Internal Revenue Service89 State and Local Tax The new law capped the deduction for state andlocal taxesat $10,000 through 2025.19 Businesses and the TCJA Intangible Property TCJA altered the treatment of intangible property held abroad, such as patents, trademarks, and copyrights. For inst...
These items are no longer tax-deductible unless they relate to a loss in a federally declared disaster area. This can include areas affected by hurricanes, floods, and wildfire victims. The Internal Revenue Service (IRS) does not consider normal wear and tear under this category.10 ...
Section 179 small business expensing As bonus depreciation phases out over the next few years, some small businesses may be able to maintain some initial-year expensing using Internal Revenue Code Section 179 rules. However, those can be less attractive than the current ...
The business meal tax deduction has been debated for decades, the subject of presidential ire and of incremental diminution. In just the past few years, uncertainty has reigned regarding the availability and requirements for the business meal deduction because of its abrupt separation from its histor...