Tax Information
Bonus Depreciation and Its Phaseout: Essential Insights
As a business owner, staying ahead of tax changes is crucial, especially when it comes to maximizing deductions that directly impact your bottom line. One such deduction that has been a game-changer for many businesses is bonus depreciation. However, with upcoming changes to this provision, it’s important to understand what’s happening and how it could affect your tax planning. At 9FIFTEEN Accountants, we specialize in helping businesses like yours navigate these tax changes to ensure
Navigating the New IRS Guidance on Allocating Basis in Digital Assets
As the landscape of digital assets continues to evolve, the IRS is increasingly clarifying how existing tax principles apply to digital assets like cryptocurrency. For taxpayers dealing with digital assets, understanding how to properly allocate basis in these assets is crucial for accurate tax reporting and maximizing deductions. At 9FIFTEEN Accountants, we are tax experts who can help you navigate these complex rules, ensuring you remain compliant while optimizing your tax strategy. The IRS’s Latest
Unlocking Tax Savings: The Business Use of Home Deduction Explained
As a small business owner or partner in a larger entity, taking full advantage of available tax deductions is crucial to maximizing your financial efficiency. One often-overlooked yet highly beneficial deduction is the Business Use of Home deduction. This deduction, governed by the Internal Revenue Code (IRC) and various IRS notices, allows you to deduct expenses related to the portion of your home used for business purposes. At 9FIFTEEN Accountants, we specialize in helping businesses
Business Meal Deductions: What You Need to Know
Navigating the complexities of tax rules can be challenging, especially when it comes to understanding what you can and cannot deduct as a business expense. One area that often confuses business owners is the deduction of meal expenses. In this blog post, we’ll break down the rules surrounding business meal deductions, making it easy for you to understand how to take advantage of these deductions while staying compliant with tax laws. What Are Business Meal
Section 179 Expensing: A Guide for Small Businesses
As a small business owner, maximizing your tax deductions is crucial for managing your finances efficiently. However, the world of taxes can be complex and confusing, especially when it comes to understanding specific provisions like Section 179 expensing. At 9FIFTEEN Accountants, we specialize in helping businesses navigate the intricacies of tax and accounting, ensuring you take full advantage of all available deductions. Let’s break down Section 179 expensing in simple terms, explain how it can