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Congress Passes One Big Beautiful Bill – President to Sign on July 4

Withum

One Big Beautiful Bill Tax Provisions The One Big Beautiful Bill includes the following significant federal income tax provisions. This would provide that an amended return be filed for 2022, and 2023. If a 2024 tax return has already been filed, then an amendment would be required.

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Year-End Tax Strategies for Businesses

Withum

Consider making expenditures that qualify for the liberalized business property expensing option. Bonus Depreciation For property placed in service during 2024, the bonus depreciation percentage has decreased from 100% (in 2022) to 60%. Planning should occur with your tax advisor on how to optimize bonus depreciation.

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Key Provisions of the One Big Beautiful Bill Act

Dent Moses

Among its major provisions, The Act offers deductions to eliminate income taxes on certain tips and overtime pay, enhances small business tax relief, and repeals numerous clean energy tax incentives. Small businesses (with gross receipts under $31 million) can retroactively apply the deduction for tax years 2022-2024.

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Big boons for R&D advisors

Accounting Today

For 2022-2024 tax years, the new law provides very favorable transitional rules for businesses that incurred domestic R&D costs. Small-business taxpayers — those with less than $31 million in gross receipts during 2025 — can elect to expense rather than capitalize domestic R&D costs going back to 2022.

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Applying for a Business Line of Credit for Your Skagit County Business

SkagitCountyTaxServices

based research gets immediate expensing, retroactive to 2022 (amendments allowed through 2024). Maya Angelou Quick Takeaways: Applying for a Business Line of Credit Strengthen your credit: aim for a personal credit score of 660+ and a strong business credit profile. FAQ “Can I deduct interest paid on a business line of credit?”

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2022 Q2 Tax Calendar: Key Deadlines for Businesses

RogerRossmeisl

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. See June 15.

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Dates and Deadlines: When You Can File Small Business Taxes in 2022

xendoo

You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. What Is the Business Tax Filing Deadline for 2022?