Blog

Businesses: Act now to make the most out of bonus depreciation

July 21, 2022 Slattery & Holman, P.C.

The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available

Standard business mileage rate will increase for the second half of 2022

June 16, 2022 Slattery & Holman, P.C.

The IRS recently announced that it’ll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this

Employee Spotlight – Ben VanMeter

May 18, 2022 Slattery & Holman, P.C.

What year did you join Slattery & Holman?

May 2021

Tell me a little about where you attended college and the degree(s) you earned? Any special accomplishments?

Fully deduct business meals this year

April 29, 2022 Slattery & Holman, P.C.

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for

Selling mutual fund shares: What are the tax implications?

April 27, 2022 Slattery & Holman, P.C.

If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million

The tax rules of renting out a vacation property

April 27, 2022 Slattery & Holman, P.C.

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the

Employee Spotlight – Annie Sommer

February 22, 2022 Slattery & Holman, P.C.

What year did you join Slattery & Holman? January 2020 Tell us a little about where you attended college and the degree(s) you earned? Any special accomplishments. I graduated from IUPUI with a

Another Rough Tax Season for IRS and Taxpayers?

February 22, 2022 Slattery & Holman, P.C.

This could be another rough tax season for the IRS and taxpayers. Although this year’s filing season opened January 24, 2022 (the first day the IRS accepted and started processing

How One Small Company Found Its Opening and Disrupted an Entire Industry in the Process

February 22, 2022 Slattery & Holman, P.C.

If you had to make a list of some of the fastest-growing industries in the United States, activewear would undoubtedly be on it. It's a field that is made up of

What Is Tax Basis and Why Is It So Important?

February 22, 2022 Slattery & Holman, P.C.

For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your