For 2025, the comparison between and bonus depreciation is more complicated than in prior years because 2025 has two different bonus depreciation regimes depending on when the property was acquired. Property acquired before January 20, 2025 generally follows the phased-down bonus rules, while property acquired after January 19, 2025 generally qualifies for 100% bonus depreciation....
Tax preparation and tax planning are related, but they are not the same thing. Tax preparation is about correctly reporting what already happened. Tax planning is about arranging affairs in advance so that the tax law works as favorably as possible within the rules. The distinction matters because the Code contains both benefits and traps,...
If your business gets paid through credit cards, payment apps, or online marketplaces, Form 1099-K remains an important tax document in 2025. But the reporting rules depend on how you were paid. For small business owners, the biggest point of confusion is that payment card transactions and third-party network transactions do not follow the same threshold rules....
If you owe federal taxes and cannot pay in full, the IRS offers several collection alternatives that are commonly grouped under the “Fresh Start” label. The sources do not describe a single Code section or one formal standalone program called “Fresh Start.” Instead, they describe a set of IRS collection options that may help...
If you are choosing between an LLC and an S corporation, the tax answer is not really “entity versus entity.” It is usually a choice between: an LLC taxed under the default rules, often as a sole proprietorship or partnership, and an LLC or corporation that has elected S corporation status. That matters because an...
Small business owners often focus on the obvious write-offs—rent, payroll, software, and supplies—but some of the most valuable deductions are the ones that get missed. In 2025, that can mean paying more tax than necessary or creating avoidable problems if your records do not support what you claim. The Internal Revenue Code generally allows...
If you are self-employed and have not filed one or more required tax returns, it’s important to address the issue as soon as possible. Unfiled tax returns can lead to penalties, interest, loss of benefits, and even IRS enforcement actions such as substitute for return assessments or collection activity. Here’s what you need to...
If you owe federal taxes and have not paid after receiving IRS notices, you may face serious collection actions such as a federal tax lien or a levy. Understanding your rights in these situations is crucial to protecting your property and ensuring fair treatment. Here’s what every taxpayer should know about their rights when...
If the IRS has seized your property to collect a tax debt, and you believe the seizure was improper or wrongful, you may wonder if you have any legal recourse. The answer is yes: under certain circumstances, you can challenge the IRS’s actions and even sue for the return of your property or for damages....
Tax season can be stressful, especially if you need more time to gather your documents or finalize your return. Fortunately, the IRS offers a straightforward way to get extra time: Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Here’s what you need to know to file for an extension...
Copyright by Accu-Tax, Inc. All Rights Reserved.
Copyright by Accu-Tax, Inc. All Rights Reserved.
