QIP offers businesses a way to accelerate deductions on nonresidential building improvements through bonus depreciation and Section 179 expensing. Recent legislation under the OBBB permanently reinstates 100% bonus depreciation for qualifying assets placed in service after January 19, 2025, while also increasing Section 179 limits.
Read MoreA financial power of attorney ensures someone you trust can manage your finances if you become incapacitated, avoiding costly court proceedings. You can choose between a springing POA, which activates under specific conditions, or a durable POA, which takes effect immediately and allows for quicker action in emergencies.
Read MoreFor nonprofit organizations, matching gifts represent a powerful opportunity to boost fundraising and hit ambitious goals. Here’s how to make the most of it.
Read MoreThe OBBBA creates new Code Section 174A, which allows taxpayers to fully deduct domestic research costs in the year paid or incurred (the 174A deduction method), effective for tax years beginning after December 31, 2024. Taxpayers also have the option of electing to capitalize domestic research costs and amortize the amounts beginning with the month in which the taxpayer first realizes benefits from the expenses, with a 60-month minimum (the 174A amortization method).
Read MoreCharitable donations can provide tax benefits, but only if they meet strict IRS substantiation requirements. Cash and noncash gifts require specific documentation, and higher-value contributions may involve additional forms or appraisals.
Read MoreDevelopment directors can boost recruitment by using social media platforms, mapping neighborhood resources, showcasing real volunteer stories, and creating easy pathways to get involved. Continued efforts during the holiday season can turn short-term volunteers into long-term supporters, building a sustainable network for your mission.
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