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
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.
Mar 12, 2025
Not everyone in your office will qualify for overtime pay, but how do you determine employee classification? Read through to learn more about overtime and who qualifies.
Mar 11, 2025
Workers' comp insurance is essential for most businesses, but as an employer, you may have more options than you realize. Read through for an introduction to the pay-as-you-go model and the advantages of outsourcing it.
Mar 10, 2025
Until the pandemic, no one could have envisioned how profoundly remote employment would affect the workplace. The rise of the hybrid office has led to some thorny tax questions. Read through for some thoughts on how tax rules apply in a remote or hybrid environment.
Feb 14, 2025
As a small-business owner, it's highly likely that you've caught wind of payroll myths, and if you believe them without realizing they are mythical, then these nonfactual ideas might influence your approach to payroll. Read through to realize that it's possible to evade payroll myths instead of falling victim to these lies.
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