Timing and Accounting for the “One Big Beautiful Bill”: What Companies Need to Know

With the passage of the “One Big Beautiful Bill,” businesses are now navigating one of the most significant tax law changes in recent years. While many headlines focus on the taxpayer-facing provisions—like increased deductions and credits—companies must also prepare for the accounting implications, especially in how they report the bill’s impacts in both interim and […]
What the New Tax Bill Means for You: 8 Key Opportunities to Know for 2025

A new federal tax bill brings valuable opportunities for both individuals and businesses in 2025. Here’s a breakdown of the top provisions and how you can take advantage of them. 1. Deduct Your Tips — Up to $50,000 If you report tips on your taxes, you may now deduct them — up to $25,000 (single) […]
Business Website Expenses: How They’re Handled for Tax Purposes

With most businesses having a website today, it’s important to understand how these costs are treated for tax purposes. While the IRS hasn’t issued specific guidance on website expenses, there are general tax rules that can help guide the treatment of these costs, including considerations for software and hardware expenses. Tax Treatment of Hardware Website-related […]
It’s Time to Start Thinking About Year-End Tax Planning for Your Small Business

With Labor Day behind us, now is the perfect time to take proactive steps to reduce your small business’s taxes for both this year and next. A common strategy involves deferring income and accelerating deductions to minimize taxes, while bunching deductible expenses into one year or the next can also maximize their tax impact. However, […]
Maximizing Tax Savings: Coordinating Sec. 179 Deductions with Bonus Depreciation

At Accavallo & Company, LLC we understand the importance of optimizing current year depreciation write-offs for businesses with newly acquired assets. To achieve this, businesses can leverage two significant federal tax incentives: the first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. When utilized correctly, these deductions can potentially allow businesses to write off […]