Are you considering changing your LLC or C-corporation from the entity's default tax treatment to an S-corporation election? Now is a great time to get educated about the pitfalls to avoid when making that transition. Our TFG tax professionals would like to point out the most common mistakes entrepreneurs make when switching to S-corp tax...
Requirements to claim a deduction for interest paid on auto loans are many! OBBBA benefits include new tax deductions for tip income, overtime pay, and interest paid on auto loans, as well as an additional standard deduction for senior citizens and an increased maximum deduction for state and local taxes. There is a great deal...
Make sure your business gets a head start taking advantage of the tax incentives included in last year's One Big Beautiful Bill Act. Among the major changes for businesses, the OBBBA renews and makes permanent these tax breaks: 100% bonus depreciation, Immediate expensing of domestic R&D costs without a 5 year amortization requirement, Business interest...
The annual Bloomberg “Projected U.S. Tax Rates Report” aims to provide good news this year due to the potential tax savings that could be realized due to increases in deduction limitations, upward adjustments to tax brackets, and increases to numerous other key thresholds as well as adjustments made under the One Big Beautiful Bill Act...
One of the most news-making elements of The OBBBA is the federal deduction for state and local taxes (S.A.L.T.). The new SALT rules quadrupled the maximum for those income offsets. Historically, the SALT deduction was unlimited. That changed and fluctuated over time. In its current iteration, the 2025 tax law has granted a five-year bump-up...
