Tax Insights and Updates

Cost segregation is a strategic tax planning tool that can significantly accelerate the depreciation of a commercial or investment property. By reclassifying various components of a building into shorter depreciable lives, your clients can unlock substantial tax savings in the first few years of ownership.

The Section 45X credit can provide substantial tax savings for businesses that qualify. However, navigating the complex regulations and compliance requirements can be a challenge.

The April 15 tax filing deadline is quickly approaching. However, if you're not quite ready to file your taxes, you have the option to request an extension. Filing for an extension on Form 4868 can give you until October 15 to submit your tax return, helping you avoid the dreaded "failure-to-file" penalties.

The IRS has announced plans to postpone the new $600 Form 1099-K reporting threshold until 2023 to minimize potential confusion for taxpayers. With a phased implementation approach, the IRS is looking at a $5,000 threshold for 2024. The agency also plans to simplify the reporting process with updates to Form 1040 and related schedules for 2024.

Maximize your tax deductions and minimize your tax liability for 2023 with our last-minute tax-saving strategies. Learn how IRA contributions, HSAs, and even your side hustle expenses can potentially reduce your taxable income.

Maximizing Your Investments with Bonus Depreciation and 1031 Exchanges

The American Innovation and Jobs Act, reintroduced by Senators Maggie Hassan and Todd Young on March 17, 2023, is set to transform the landscape of R&D tax credits, a movement closely monitored by Freese, Peralez & Associates. This bipartisan initiative seeks to amend the current stipulations under Section 174 of the tax code, emanating from the 2017 tax reforms, to extend the R&D Credit more inclusively to startups and small businesses, fostering an environment ripe for innovation and economic advancement. 

Embracing the Digital Age: Simplifying Your Tax Documentation Process

Navigate the complexities of the IRS memorandum on Employee Retention Credit with strategic tips for business owners to optimize claims and secure financial relief in challenging times.

Navigate the intricate world of tax credits and deductions with precision—discover how the choices you make today can redefine your financial future!

Unlock the truth about Work Opportunity Tax Credits, discover the pros and cons of hiring contractors, and learn how strategic hiring decisions can lead to tangible financial benefits for your business!

IRS modernizes services for business taxpayers with expanded online access to business tax accounts, streamlining processes and enhancing user experience.

Unlock financial success: Embrace a 'Tax First' mindset and harness the power of the tax code for small business prosperity!

Stay compliant with the latest IRS notice IR-2023-230 on Employee Retention Credit (ERC) claims, ensuring accuracy and eligibility while navigating upcoming changes in compliance measures.