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 […]
Post Author: David Reape CPA
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 […]
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 […]
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 […]
IRS Announces New Retirement Contribution Limits for 2025
The IRS has set new contribution limits for retirement plans in 2025, raising the cap for 401(k) plans to $23,500, up from $23,000 in 2024. Here’s a quick overview of […]
Building Retirement with a Solo 401(k)
If you’re self-employed and operate a small business without any employees (other than your spouse), a solo 401(k) plan is a great option for establishing a retirement plan. This plan […]
Preparing for and Responding to an IRS Audit
The IRS is ramping up its audit efforts, targeting large businesses and high-income individuals. By 2026, the agency plans to nearly triple its audit rates for large corporations with assets […]
Benefits of Separating Business and Real Estate Ownership
Does your business rely on real estate for operations, or do you currently hold property in your business’s name? It may be time to reconsider this approach. Separating the ownership […]
2024 Q4 Tax Deadlines: Key Filing Dates Every Business Must Know
Below are some of the key tax deadlines that businesses and employers need to be aware of for the fourth quarter of 2024. However, note that this list is not […]
Business Taxation: What Lies Ahead?
Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s […]
