When someone dies owning appreciated assets, like real estate, stocks, or a business, the tax law gives heirs a powerful benefit: stepped-up basis.
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Ever tried to drive a screw with a hammer, or tighten a nail with a wrench? Of course not. That's exactly what bad accounting habits look like to us as a CPA firm — painfully obvious. But to many contractors, it's not so apparent. That's why we're calling these "obvious" habits: they're the kind of things that are second nature...
There's a lot of hype around "writing everything off" using 100% bonus depreciation. Some of it's technically true—but most of it is misleading, especially from social media tax influencers, and misunderstood by business owners.