Andrew G. Klapac

Updated Guidance on Business Vehicle Depreciation

The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain complicated. In addition, annual inflation adjustments make allowable depreciation deductions moving targets. (See "First-Year Depreciation Deductions under the TCJA," below.) Here's how to calculate depreciation deductions for cars, SUVs, pickups and vans used in your business.

FAQs on the General Business Credit

The general business credit (GBC) may help certain small businesses cut their federal income tax...

Do You Qualify for the Favorable HOH Status?

The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might...

Does the Marriage Penalty Still Exist Today?

A couple's tax situation changes when they get married—for better or worse. Here are the most...

How Employer-Issued incentive stock options May Affect Your Taxes

Employer stock options are a potentially valuable asset for recipient employees, especially those...

Important Tax Figures for 2024

The following chart provides some important federal tax information for 2024, as compared with 2023:

Act Now to Leverage the Gift Tax Exclusion Before Year End

The gift tax exclusion is among the most valuable tools available to transfer assets to family and...

IRS Delays $600 Form 1099-K Reporting Threshold

Businesses and individuals concerned about the confusing 1099-K reporting requirements can breathe...

5 Ideas to Help Small Business Owners Reduce Taxes for 2023

As year end approaches, small business owners should review their tax situations to determine ways...

Will Your Crypto Transactions Be Reported on a Form 1099?

Some taxpayers may be unaware of all the federal tax reporting requirements for cryptocurrency...