Thought Leadership

Truck and Highway at Sunset

Cents-Per-Mile Rate for Business Miles Decreases Slightly for 2020

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019.

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Hand in Yellow Glove Pressing Button Starting Industrial Process

Double Take — Should you Reevaluate the R&D Credit?

Popularly known as the R&D credit, the federal tax credit for increasing research and development activities can be a valuable break for manufacturers. An eligible company’s tax liability can be reduced as much as 7.9 cents (or more if state research credits are available) for each dollar of…

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Wooden Judge's Gavel on Wooden Desk

New Law Provides a Variety of Tax Breaks to Businesses and Employers

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the…

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