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We are Here to Help you Navigate Through the COVID-19 Pandemic
The spread of COVID-19 has caused confusion, uncertainty and insecurity for just about every company throughout the United States and across the globe. Holbrook & Manter is here to help you navigate through these troubled times with up-to-date accounting resources, useful online tools and simplified explanations that tell you exactly what these government-issued updates mean for you, your business and your employees.
Helpful Resources and Websites:
…Legislative text of tax provisions released by the House Ways and Means Committee
The House Ways & Means Committee is making big announcements today. The legislative text regarding tax changes related to the most recent budget reciliation bill is now live on their website.
You can read a condensed summary of each section by clicking here:
The committee is expected to make edits to the bill in the coming days. Holbrook & Manter will keep you posted on the latest developments.
Which business website costs are tax deductible?
Every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, established rules that generally apply to the deductibility of more long-standing business costs provide business owners with a basic idea of how to anticipate and handle the tax impact of a website. And the IRS has issued guidance that applies to software costs.
Hardware considerations
Hardware costs generally fall under the standard rules for depreciable equipment. Specifically, once website-related assets are up and running, you can deduct 100% of the cost in the first year they’re placed in service (before…
A Look at Potential Tax Law Changes
With significant revisions to the tax code currently under discussion in Congress, many businesses and individual taxpayers are struggling to determine how the proposed changes might affect them. The debate over the various tax packages is still underway, so it is too early to make any specific recommendations. Nevertheless, it is prudent to be aware of the proposals and consider their potential effects on your tax situation.
The revisions are included in two pending bills: the American Jobs Plan and the American Families Plan. Both bills propose to make substantial changes to existing tax laws in order to raise revenue…