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
Jan 16, 2025
Most people know that generally, business travel is tax deductible. But there are a lot of rules and exceptions. Read through for an intro to travel deductions, so you can be sure you don't make any mistakes.
Jan 15, 2025
Cost-of-living adjustments affect dollar limits for pension and other retirement-related items for tax year 2025—and your contribution to such accounts increases. Read through to see the IRS stipulations regarding specific retirement programs.
Jan 14, 2025
Employers have always wanted to track employee work time. Today, apps do the work that used to be done by time clocks. read through to see what's on the market and how it might work at your company.
Dec 30, 2024
All over the business world, accountants, lawyers, financial executives and journalists have been scrambling to keep up with the latest soap opera in the financial community: what's happening with the Corporate Transparency Act and its ownership reporting rules.
Dec 26, 2024
FinCEN Extends BOI Reporting Deadline
Dec 20, 2024
Benefits can boost employee morale as well as loyalty to the job and your company, but some benefits come with tax implications. Read through to learn which benefits add to employee income so that you can withhold correctly and avoid penalties.
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