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How do I choose what entity type my business should be?

Basis 365

Most business owners pick a type and never look back. You really should review this periodically as laws and tax code do change. The Statistics Surrounding Business Types Your business type determines more than just what business tax return you will file. What are Common Strategies Based on My Entity Type?

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What is Qualified Improvement Property and its depreciation method?

ThomsonReuters

Starting from tax years beginning after December 31, 2022, the 100% bonus depreciation deduction will gradually decrease by 20% each year until it reaches a complete phase-out by the end of the 2026 calendar year. These changes in bonus depreciation rates underscore the importance of proactive tax planning for QIP.