The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related [...]

By |2021-02-01T12:28:34-05:00February 1st, 2021|Categories: Blog, Tax|Tags: , , , , , , |Comments Off on The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

QBI Deduction Basics and a Year-End Tax Tip That May Help You Qualify

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to [...]

By |2020-12-08T12:43:17-05:00December 8th, 2020|Categories: Blog, Tax|Tags: , , , |Comments Off on QBI Deduction Basics and a Year-End Tax Tip That May Help You Qualify

Clarity on PPP Forgiveness and Deductible Expenses

In late November, the Internal Revenue Service (IRS) issued a Revenue Ruling and a Revenue Procedure to clarify the Paycheck Protection Program (PPP) loan forgiveness and deductible expenses. These are expansions on Notice 2020-32 released by the IRS in [...]

By |2020-12-02T18:53:08-05:00December 2nd, 2020|Categories: Blog, Tax|Tags: , , , , |Comments Off on Clarity on PPP Forgiveness and Deductible Expenses

Are You Eligible for Home Office Deductions?

Do you run your business from home? You might be eligible for home office deductions If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy [...]

By |2020-02-24T12:55:29-05:00February 24th, 2020|Categories: Blog, Tax|Tags: , , |Comments Off on Are You Eligible for Home Office Deductions?

Higher Mileage Rate may Mean Larger Tax Deductions for Business Miles in 2019

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a [...]

By |2020-01-03T19:35:26-05:00January 14th, 2019|Categories: Blog, Tax|Tags: , |Comments Off on Higher Mileage Rate may Mean Larger Tax Deductions for Business Miles in 2019

Do You Qualify for the Home Office Deduction?

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the [...]

By |2019-03-11T20:45:36-04:00July 30th, 2018|Categories: Blog, Tax|Tags: , , |Comments Off on Do You Qualify for the Home Office Deduction?
Go to Top