Mitigating the adverse effects of climate change is one of the primary targets of the recently enacted Inflation Reduction Act (IRA). To that end, the legislation is packed with tax incentives, including the significant expansion and extension of two tax…
When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small…
Business travel has been picking up again this year. If your manufacturing company has recently resumed travel to visit key customers and suppliers — or is planning to soon — it’s a good time to review the tax rules for…
The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor…
If you’re contemplating selling your manufacturing business, be sure you understand the tax implications. The way that your business (as well as the transaction) is structured can impact your tax bill and, therefore, your net proceeds from the sale. Here…
The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions related to climate change, health care, and, of course, taxes….
Nothing is certain but death and taxes. While this may apply to federal taxes, state taxes are a bit more uncertain. Manufacturers operating in more than one state may be subject to taxation in multiple states. But with proper planning,…
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100%…
The IRS recently announced that it’ll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year. In fact, as of June 13, the nationwide average…
If your manufacturing company is like many others in the industry, you’re having difficulty finding top-notch new hires to expand your workforce as well as to replace employees who are retiring or quitting. At the same time, you’d like to…
Manufacturing company owners may mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as contractors satisfy all of their tax obligations. However, this couldn’t be further from the truth. Improper classification of workers can…
As the midpoint of the year fast approaches, it’s a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability. Although each situation is unique, here are seven general tax moves…
First-year bonus depreciation typically creates a powerful tax incentive for eligible manufacturers to purchase qualified property needed for business reasons. These tax write-offs can benefit a manufacturer’s cash flow, but claiming them isn’t always the best decision. However, if your manufacturing company wants to take full advantage of the bonus depreciation, this is the year to do so.
The IRS has announced additional relief for pass-through entities required to file Schedules K-2 and K-3 for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items of international tax relevance” that they need to file their own returns.
Many of us have thought about how to best transfer our wealth to our heirs someday. It’s vital to understand the importance of your values when it comes to your wealth and sense of purpose in life. Here’s how to show your kids the connection between the two so they see the “why” behind decisions made with the family money.