The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or have benefited from it for years, staying current on its rules and potential changes is crucial. As we approach the expiration of certain provisions within the Tax Cuts and Jobs Act (TCJA) at the end of 2025, here’s what you need to know about the CTC for 2024, 2025 and beyond.

New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for significant first-year depreciation write-offs. One requirement is that you use the vehicle more than 50% for business. If your business usage is between 51% and 99%, you may be able to deduct that percentage of the cost in the first year. The write-off will reduce your federal income tax and self-employment tax bills, if applicable. You might get a state tax income deduction, too.

Accurate financial records help business owners manage cash flow, tax obligations and strategic planning. QuickBooks® is one of the most widely used bookkeeping software solutions for small and midsize businesses, offering a comprehensive suite of tools designed to simplify financial management and support business growth.

The Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13 seems like it would be old news. However, the provision for accounting for current expected credit loss (CECL) went into effect for not-for-profits in calendar years ending in 2023 and fiscal years ending in 2024. Also, it doesn’t apply to all organizations — only those that follow Generally Accepted Accounting Principles (GAAP). So, if you only recently switched to GAAP accounting, it may not be on your radar.