Jan 13, 2025
At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes:
It gets complicated
Before making your claim, you need to read the find print. For example, the IRS says that if you use your car only for business purposes, you may deduct its entire cost of ownership and operation (subject to various limits). However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use.
The IRS explains that you can generally figure the amount of your deductible car expense by using one of two methods: the standard mileage rate method or the actual expense method. If you qualify to use both methods, you may want to figure your deduction both ways before choosing a method to see which one gives you a larger deduction.
Further details are available on the IRS site, Topic no. 510, Business use of car. You should discuss your situation with a tax professional.
©2025
Apr 10, 2025
In 2024, a major IT outage affected 8.5 million computers and effectively shut down some businesses for days. Read here to learn how to protect your company should something like this happen again.
Apr 09, 2025
Employer-sponsored health insurance is expected to remain a dominant part of benefits packages for working families, though affordability and access to care seem to prevail. Read through to learn about the future of employee health insurance.
Apr 08, 2025
Deciding whether to hire a staff person or a freelancer should be influenced not just by IRS regulations, but by the kind of work to be done and how you want the worker to fit into your company. Read through to read more about the considerations.
Apr 07, 2025
Because of various court rulings, the beneficial ownership information reporting requirement for small businesses has been bouncing back and forth. Read through for the latest on Corporate Transparency Act requirements.
Mar 14, 2025
By offering educational assistance programs, companies can support employees' undergraduate or graduate education, help them pay off student loans, or assist them with the cost of books and supplies. Read through to learn more about the IRS's qualified educational assistance program.
Mar 13, 2025
Employees who may have worked for the same employer for 5-10 years or longer are sometimes facetiously labeled "lifers," while others are "job hoppers." But are those labels useful anymore? Read through for some insights into employee tenure.
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