Section 179 of the tax code provides opportunities for substantial first-year depreciation deductions when a business places newly acquired qualifying assets into service. The Sec. 179 deduction amounts change annually due to inflation adjustments and certain limitations apply. Additionally, it's important to consider any available first-year bonus depreciation deductions when making decisions. Here's what business owners need to know to optimize these tax benefits.
Working from home was widespread during the COVID-19 pandemic, and many people continue working from their homes today. Those workers may wonder, “Can I claim home office tax deductions?” The short answer is: Only if you're self-employed. This article delves deeper into the rules involved.
Many people think about moving to another state. However, it's important to consider the tax ramifications before doing so. This article urges readers to identify all applicable taxes in a destination state and recommends being prepared to meet the legal requirements for establishing domicile.
It's that time again: Time to start thinking about getting your tax return prepared. Here are some quick tips you can use to speed tax processing, avoid hassles and collect any refund due faster.