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 […]
How to Prepare Your Business for an IRS Audit
The IRS has stepped up its audit efforts, primarily focusing on large businesses and high-income individuals. By 2026, audit rates for large corporations with assets exceeding $250 million are set to nearly triple. Partnerships with assets over $10 million will also experience a tenfold increase in audit rates. This enhanced scrutiny is part of a […]
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 […]
Maximizing Your QBI Deduction: Seize the Opportunity Before It Expires
At Accavallo & Company, we understand the importance of leveraging every available tax-saving opportunity. The Qualified Business Income (QBI) deduction presents a significant chance for eligible businesses to reduce their tax liability. However, this deduction is scheduled to sunset after 2025. Hence, if you qualify, it’s crucial to capitalize on this benefit while it’s still […]
