A major tax planning opportunity is returning in 2025 that business owners should be aware of: 100% bonus depreciation. Bonus depreciation allows businesses to immediately deduct the full cost of qualifying assets in the year they are placed into service, instead of spreading the deduction over several years. After being phased down in recent years, the deduction is restored to 100% for assets placed in service in 2025. This applies to many common business purchases, including equipment,...

A new federal tax rule starting in 2025 allows many workers to deduct qualified tips  from their taxable income. This applies not only to employees, but also to independent contractors and self-employed business owners  who receive tips directly from customers. Qualified tips generally include voluntary cash, card, or app-based tips. Mandatory service charges or required fees do not qualify. The maximum deduction is up to $25,000 per year , subject to income limits. What makes 2025 unique is...

Unwrap Early Savings for the 2024 Tax Season As the year draws to a close, KMR Tax Consultants is thrilled to announce our seasonal...