Standard Mileage Rates for 2024
The Internal Revenue Service has issued the 2024 optional standard mileage rates. These rates are used to determine the deductible expenses associated with driving a car for work, charity, relocation, […]
Category: Tax
Giving Gifts and Throwing Parties Can Help Show Gratitude and Provide Tax Breaks
The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s […]
A Company Car Is a Valuable Perk But Don’t Forget About Taxes
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer […]
IRS, Security Summit Kick Off 2023 National Tax Security Awareness Week
On November 27th, the Security Summit – a coalition of the Internal Revenue Service (IRS), state tax agencies, and the professional tax community, launched the 8th National Tax Security Awareness […]
There Still May Be Time to Reduce Your Small Business 2023 Tax Bill
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take […]
Key 2024 inflation-adjusted tax parameters for small businesses and their owners
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets […]
IRS Permits Car Dealers to Provide EV Tax Rebates at Purchase
Electric vehicle buyers can now transfer their tax credits to automobile dealers and receive upfront payments that effectively cut the cost, according to IRS and Treasury Department’s recently issued guidance. […]
New Per Diem Business Travel Rates Kicked In on October 1
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be […]
The Social Security Wage Base for Employees and Self-Employed People is Increasing in 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income […]
Business Automobiles: How the Tax Depreciation Rules Work
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply […]
How IRS Auditors Learn About Your Business Industry
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS […]
What Types of Expenses Can’t Be Written Off by Your Business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax […]
