Tax Planning for Bob: A High-Earning Tech Executive in California
Talha Asif
The 2025 One Big Beautiful Bill Act: Who Wins, Who Loses, and What’s Changing?
The 2025 “One Big Beautiful Bill” (OBBB) is set to transform the U.S. tax landscape significantly. Featuring sweeping provisions on individual and corporate taxes, the bill promises both winners and losers. Is it pro-growth?
What is bonus depreciation for vehicles in 2024?
Bonus depreciation for vehicles in 2024 is 60% of the adjusted basis for most qualified property placed in service during the year T.D. 9874 . This represents a continuation of the phaseout schedule established by the Tax Cuts and Jobs Act.
How do I write off a vehicle used partially for personal use?
Deduct only the business-use percentage of expenses, based on accurate mileage tracking.
Is Section 179 applicable for SUVs or trucks?
Yes, Section 179 is applicable to SUVs and trucks, but with important limitations and restrictions that you must understand to properly claim these deductions.
Can I deduct lease payments on a business car?
Yes, lease payments are deductible if the vehicle is used for business and records are maintained.
How do I track business mileage for tax purposes?
Track each trip with date, miles, destination, and business purpose. Keep accurate, timely records.
Should I use the standard mileage rate or actual expenses for my vehicle?
Choose the method that offers a higher deduction. You must stick with one method per year.
Can I deduct dues, subscriptions, and memberships?
Yes, you can deduct certain dues, subscriptions, and memberships as business expenses, but there are important limitations and restrictions that you must understand to properly claim these deductions while maintaining compliance with federal tax law.
What portion of my phone/internet bills is deductible?
You can deduct the business-use percentage of your phone and internet bills with proper documentation.