December Client Bulletin
In this month’s newsletter, check out our year-end tax savings checklist and learn about tax policy changes that may be on the horizon in 2025.
tcja
Staying on Top of Changes to the 20% QBI Deduction (199A) – One Year Later
How has the 20% QBI Deduction changed since it’s release last year? This deduction was a fundamental change to the tax code brought on by the TCJA, and just over a year later (thanks to a recent IRS FAQ), we have some additional clarity on how it affects taxpayers (and who gets left out in the dust).
Sometimes Congress Admits Its Mistakes – Correcting the QIP/Bonus Depreciation 15-Year Glitch
A technical glitch in the TCJA prevented taxpayers from taking bonus depreciation on Qualified Improvement Property. Now Congress is out to get this fixed.
Bonus Depreciation in a Post-Tax Cuts and Jobs Act World
The TCJA impacted depreciation in many ways, including 100% bonus, increased Section 179 Expense limits and broader usage, and redefined QIP.