The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain complicated. In addition, annual inflation adjustments make allowable depreciation deductions moving targets. (See “First-Year Depreciation Deductions under the TCJA,” below.) Here’s how to calculate depreciation deductions for cars, SUVs, pickups and vans used […]

Weather emergencies take many forms and, depending on your location, you’re likely more vulnerable to some forms than others. These disasters — such as hurricanes, tornadoes, floods and wildfires — pose major risks to businesses. In fact, the Federal Emergency Management Agency (FEMA) estimates that about 25% of companies don’t reopen after a major disaster […]

Starting in 2024, employers can offer their nonhighly compensated employees the option to participate in emergency savings accounts that are linked to their company defined contribution retirement plan accounts. This option was introduced in the SECURE 2.0 Act. Defined contribution plans include 401(k) plans. Employees can then make contributions out of their salary to fund […]