Business Mileage Rate Increases in 2025
In 2025, the standard business mileage rate has increased slightly, reflecting a small rise in the national gas prices. The IRS has announced that the new cents-per-mile rate for business […]
Category: Tax
How to Protect Yourself from Tax Season Scams
Remember: The IRS does not contact taxpayers by email, text messages, or social media channels to request personal or financial information. As tax season approaches, it’s important to stay alert […]
Understanding Section 1231 Tax Impacts
Understanding the tax consequences when selling business assets is essential. One key area to focus on is Section 1231 of the Internal Revenue Code, which outlines how gains and losses […]
Navigating the Work Opportunity Tax Credit (WOTC)
The U.S. Bureau of Labor Statistics reports that unemployment rates remain historically low, fluctuating between 4.0% and 4.3% from May to November 2024. Amid current hiring challenges, the Work Opportunity […]
BOI Injunction Reinstated, Reporting Paused Again
For business owners, monitoring the rules for BOI reporting this month has been like watching a ping pong match. As of Friday, December 27, the requirement to file a beneficial […]
BOI Reporting Deadline Reinstated
On 12/23/24, the 5th Circuit Court of Appeals granted the government’s emergency motion to stay the nationwide injunction issued in the Texas Top Cop Shop case. This means that businesses […]
IRS Increases Standard Mileage Rate for Business Use in 2025
The IRS has raised the standard mileage rate for business use by 3 cents, bringing it to 70 cents per mile for 2025. Other mileage rates remain unchanged from 2024. […]
Lower Business Taxes with Local Transportation Cost Deductions
Understanding how to claim deductions for transportation costs can help lower your small business’s tax burden. Each year, you and your employees likely incur various local transportation expenses that carry […]
How HSAs Benefit Small Businesses and their Employees
As a small business owner, controlling healthcare expenses for both yourself and your employees can be tough. One effective strategy to consider is a Health Savings Account (HSA). HSAs provide […]
National Tax Security Awareness Week 2024
Are online retailers keeping your information secure? According to a recent survey by IT company VikingCloud, 52% of retailers feel more vulnerable to cyber threats during this time of year. […]
When Can You Deduct Business Meals and Entertainment?
If you’re unsure about the current federal tax rules for business meals and entertainment expenses, you’re not alone. The rules have evolved in recent years. Here’s a breakdown of what’s […]
Understanding Self Employment Tax
If you own a growing, unincorporated small business, you might find self-employment (SE) tax bills to be a significant concern. The SE tax ensures that Social Security and Medicare taxes […]
