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Cars in Traffic

IRS Issues an Update to Mileage Deduction Rules

The IRS has issued new guidance regarding the rules for using standard mileage rates when calculating "above-the-line" deductions for specific automobile operating costs. This new guidance also lays out rules — IRS Revenue Procedure 2019-46 — for establishing reimbursement of employee…

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Two Valuable Year-End Tax-Saving Tools for Your Business

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible…

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Looking out of Big Windows to Park and Office Buildings

The Tax Implications If Your Business Engages in Environmental Cleanup

If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur.

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Golden Piggy Bank on Income Tax Form

Small Businesses: Get Ready for Your 1099-MISC Reporting Requirements

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be…

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W2 Form

Year-End Tax Planning in a TCJA World

It’s a TCJA world, and businesses are just planning in it. For many, the first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty as they struggled with the law’s sweeping changes for their bottom lines and the resulting implications.

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