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IRS releases 2025 tax inflation adjustments

IRS releases 2025 tax inflation adjustments

The IRS revenue procedures provides the amount for inflation-adjusted items for 2025. Amounts adjusted for inflation include the individual tax brackets, the section 199A qualified business income thresholds, the amount of average annual gross receipts to qualify as a small taxpayer, the limitations for section 179 expensing, estate and gift exemptions, as well as several other provisions.
Proposed regulations to treat “basket transactions” as listed transactions

Proposed regulations to treat “basket transactions” as listed transactions

"Basket transactions" designed to defer income or change income's character of income to long term capital gain taxed at lower rates targeted by proposed regulations
October Insights Newsletter

October Insights Newsletter

Johnson & Sheldon, PLLC is pleased to announce our continued relationship with RSM, a compelling, digital, global organization serving the assurance, tax and consulting needs of middle market companies worldwide.
Key conversations to have with your CPA

Key conversations to have with your CPA

Whether managing personal finances or running a business, this article provides essential questions to ask your CPA for informed decision-making. Discuss everything from tax planning to retirement and succession planning. Stay on top of your financial game by making your CPA meetings count.
2024-25 annual tax planning guide for individuals and families

2024-25 annual tax planning guide for individuals and families

A tax planning guide for individual income tax planning and family tax planning strategies at 2024 year-end moving into 2025.
Federal tax planning: A guide for tax year 2024

Federal tax planning: A guide for tax year 2024

A U.S. federal tax planning guide for businesses for tax year 2024, including M&A tax planning and ASC 740 tax planning strategies.
Should your business lease or buy your next vehicle?

Should your business lease or buy your next vehicle?

Are you a business owner considering acquiring a vehicle? Uncover the hidden costs and benefits of leasing and buying, and find out which one is right for your business.
Time to check your withholding: a year-end tax reminder for high-income earners and gig workers

Time to check your withholding: a year-end tax reminder for high-income earners and gig workers

Year-end is fast approaching, and for high-income earners and gig workers, it's the perfect time to review your tax withholding. This article will explain why this check is crucial and how it could potentially help you avoid a hefty tax bill.
Exempt organizations matters on 2024-2025 Priority Guidance Plan

Exempt organizations matters on 2024-2025 Priority Guidance Plan

The 2024-2025 Priority Guidance Plan identifies projects that the Treasury Department and IRS intend to prioritize during the July 1, 2024, through June 30, 2025, plan year, including items affecting exempt organizations.
Can you deduct pre-startup costs? What aspiring business owners need to know.

Can you deduct pre-startup costs? What aspiring business owners need to know.

Are pre-startup costs deductible before your business officially launches? This article examines the tax rules and a recent court case that clarifies the issue, offering insights on how to maximize deductions.
Small Business Tax Credits And Deductions

Small Business Tax Credits And Deductions

If you're a small business owner, this video will provide an overview of the tax credits and deductions available to you. From the Qualified Business Income deduction to the Disabled Access Credit, learn how to utilize these opportunities to reduce your tax liability.
September Insights newsletter

September Insights newsletter

Johnson & Sheldon, PLLC is pleased to announce our continued relationship with RSM, a compelling, digital, global organization serving the assurance, tax and consulting needs of middle market companies worldwide.

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  • Johnson & Sheldon, PLLC
    Amarillo Location
    500 S Taylor St Suite 200
    Amarillo, TX 79101

    Phone: 806-371-7661
    Fax: 806-371-0529
    Email: ebaten@amacpas.com

    Johnson & Sheldon, PLLC
    Pampa Location
    2004 N. Hobart
    Pampa, TX 79065

    Phone: 806-665-8429
    Fax: 806-665-8804
    Email: fbeavers@amacpas.com

    Johnson & Sheldon, PLLC
    Hereford Location
    119 E 4th St
    Hereford TX 79045

    Phone: 806-364-4686
    Fax: 806-364-0826
    Email: khollingsworth@amacpas.com

    AICPA
    Texas CPA Certified Public Accountant

    We are clients of the RSM Professional Services+ Practice. As a client, we have access to the Professional Services+ Collaborative, a globally connected community that provides access to an ecosystem of capabilities, collaboration and camaraderie to help professional services firms grow and thrive in a rapidly changing business environment. As a participant in the PS+ Collaborative, we have the opportunity to interact and share best practices with other professional services firms across the U.S. and Canada.