2024 Final Quarterly Estimated Tax Payment
The IRS encourages taxpayers who paid too little tax in 2024 to make a fourth quarter estimated payment on or before January 15, 2025.
Author: Barbara Dillon
On Hold – BOI Filing Date January 13, 2025
The BOI reporting deadline of January 13, 2025 is currently on hold, pending a decision by the merits panel, which is expected in early 2025.
BOI Rules Are Back In Effect
On December 23, 2024, the Fifth Circuit Court of Appeals lifted the December 3, 2024 injunction, which halted BOI filing requirements. FinCEN is now allowed to enforce BOI reporting and the new filing date is January 13, 2025.
Standard Business Mileage Rate Increases
Beginning January 1, 2025, the standard mileage rate for autos driven for business increases to 70 cents per mile. The rates apply to fully-electric and hybrid automobiles, as well as gasoline and diesel-powered vehicles.
Depreciation: An Overview for Business Owners
Business assets for an office are expensive to buy, maintain, and replace, such as computers and copy machines. Their costs can be depreciated over several years. What options are available for depreciating these costs?
Arizona Residential Rental Tax
For periods beginning January 1, 2025, owners of Arizona residential rental properties are no longer required to collect, file, or pay residential rental taxes.
Health and Wellness Deductions
The IRS is reminding taxpayers that personal expenses pertaining to health and wellness cannot be deducted or reimbursed.
Deducting Business Meals
The tax rules on deducting meals have changed over the years. What kinds of deductions are available, and when? What about the annual holiday party for your employees?
WP+D Holiday Masquerade Ball
Wallace Plese + Dreher (WP+D) hosted an employee masquerade ball at the Arizona Grand Resort & Spa on December 7, 2024.
Corporate Transparency Act (CTA) Blocked by Texas Court
In 2025, the Corporate Transparency Act (CTA) was scheduled to affect many businesses with some heavy-duty reporting requirements. A court has effectively stopped it for now, and possibly permanently.
Section 199A Qualified Business Income (QBI) Deduction
Section 199A is considered a valuable tax benefit for small business owners. It allows qualified businesses to deduct about 20% of net income. However, there are some limitations and restrictions. What qualifies as a business deduction and who may take it?
Arizona Tax Credits | Qualifying Charities
Arizona provides two separate tax credits for individuals who make contributions to charitable organizations: one for donations to Qualifying Charitable Organizations (QCOs) and second to Qualifying Foster Care Charitable Organizations (QFCOs).