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
May 08, 2025
Business plans have to be flexible because they need to be adaptable to factors that could affect them in the future. That's why management always has to be on the lookout. Read through for some advice on creating strategic business plans in the post-COVID-19 world.
May 07, 2025
While mandatory retirement policies have largely been abolished, some still affect certain professions and perpetuate age-related stereotypes. Advances in medical care and healthier lifestyles allow many workers to remain productive well beyond traditional retirement ages. Read through to explore the challenges and opportunities involved in replacing outdated policies with fairer, capability-based approaches.
May 06, 2025
Every year, the IRS adjusts the limits for Health Savings Accounts. Whether you're an individual or a company sponsoring one, these changes can make a difference in your 2026 financial planning. Read through for the specific changes—which this year are relatively minor.
May 05, 2025
Employees keep knocking on your door, needing a cash advance. You want to help them but it’s a huge headache. Read through to learn about a payroll add-on to help you and your employees.
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.
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