HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
How does bonus depreciation phase down after 2023?
Bonus depreciation, also known as the additional first year depreciation deduction under Section 168(k), follows a specific phase-down schedule that began after 2023. Understanding this phase-down is crucial for tax planning as it significantly impacts the immediate tax benefits available for qualifying business property investments.
What qualifies for Section 179 expensing in 2024?
Section 179 expensing allows taxpayers to immediately deduct the cost of qualifying business property rather than depreciating it over time. For 2024, there are specific requirements and limitations that determine what qualifies for this valuable tax benefit.
Exclusion of Tips and Overtime from Income: What Tax Professionals Need to Know in 2025
Recent legislative proposals are stirring conversations around excluding tips and overtime pay from taxable income. This potential change could dramatically alter tax planning strategies for millions of workers.
2025 Tax Bill Update: Key Provisions, Current Status, and What’s Next
Stay ahead of the curve with our comprehensive 2025 tax bill update. Explore the latest on crucial tax items, where each provision stands in Congress, and the next steps in the legislative process.
2025 Child Tax Credit Expansion: What Tax Pros Need to Know and How AI Tax Tools Can Help
The proposed 2025 Child Tax Credit expansion could significantly impact family tax planning. This article breaks down the latest updates, eligibility changes, and refundability thresholds—highlighting how AI tax research tools,
What clean energy credits apply to business vehicles or property?
There are several significant clean energy tax credits available for business vehicles and property in 2024 and beyond. These credits are designed to incentivize businesses to adopt cleaner technologies and reduce their environmental impact.
Can I claim the Work Opportunity Tax Credit?
Yes, you may be eligible to claim the Work Opportunity Tax Credit (WOTC), but eligibility depends on several specific requirements related to your business type, the employees you hire, and proper certification procedures.
Are there tax credits for offering health insurance to employees?
Yes, there are several tax credits available for employers who offer health insurance to their employees. The primary credit is the Small Business Health Care Tax Credit, along with various other considerations and requirements under the Affordable Care Act.
Can I still claim the Employee Retention Credit (ERC) in 2025?
No, you cannot claim the Employee Retention Credit (ERC) in 2025. The Employee Retention Credit (ERC) is only available for eligible employers that paid qualified wages to employees between March 13, 2020, and December 31, 2021
What are the 2024 small business tax credits I should know about?
The Research and Development Credit (IRC Section 41) has been made permanent and offers significant benefits for qualifying small businesses.