Lauterbach, Borschow & Co.

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Business Interest Expense: How much can you deduct?

The tax treatment of business interest expense is governed by Section 163(j) which places limits on the amount of interest businesses can deduct on their tax returns based on their income and other factors Unfortunately, the calculation for determining a company’s limit has changed starting with the tax year 2022 and stands to impact many large businesses negatively

Understanding the SALT deduction and PTE tax elections

The SALT deduction has been a longstanding benefit for taxpayers who pay state and local taxes However, recent limitations to the SALT deduction have left taxpayers in high-tax states looking for alternatives One such option is the PTE tax election, which allows pass-through entities to pay and deduct state and local taxes on behalf of their owners

Fewer vehicles to qualify for clean vehicle credit in the short term

New rules for EV credit reduce the number of eligible models after Apr 17, 2023 The list of eligible models is likely to grow

Schedule a free consultation with our team of tax experts.

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