Compare actual expenses with flat-rate method
Did you use your vehicle for business driving in 2016? Generally, you can deduct expenses on your tax return in one of two ways: the actual expense method or the IRS-approved standard mileage rate. Here is a brief comparison:
Posted in Individual Tax
Posted in Business Tax
Owners of rental property may be surprised to learn that they may take a tax deduction on their 1040 tax returns. Tangible property regulations, issued by the IRS in 2013, address a wide variety of topics, including materials and supplies; repairs and maintenance; capital expenditures; and amounts paid for the acquisition and improvement of tangible property.
Posted in Individual Tax
Consider the following scenario: You and a friend are taking in a ballgame one lovely evening at the old ballpark. All is well until that friend of yours mentions that he forgot his wallet. Said friend, then sheepishly asks if he can borrow $50 to fund his consumption of requisite ballpark goodies—a hot dog, a frosty beer, peanuts (what would a ballgame be without peanuts?) and ice cream.
Posted in Business Valuation
Like Arnold Schwarzenegger’s character in The Terminator, the research credit is back. This valuable tax break, which had officially expired and been restored more than a dozen times in the past, was extended again by the Protecting Americans from Tax Hikes (PATH) Act, retroactive to the beginning of 2015. What’s more, the credit has been made permanent, with certain modifications, by the new PATH Act.
Posted in Tax Planning
Flexible spending accounts (FSAs) can be a low-cost addition to your company’s benefits package. You can provide FSAs for your employees to cover health care expenses, dependent care expenses—or both—within certain tax law limits.
Posted in Business Advisory
The Affordable Care Act has the potential to affect all businesses. Failure to comply with the ACA can result in substantial penalties.
Every business owner should address how the Affordable Care Act (ACA) will impact their business. There are reporting requirements in effect for the 2015 calendar year as well as potential employer health insurance coverage offering requirements, both having substantial fines for noncompliance. To be prepared you need to know the following:
Posted in Business Advisory
Millennials – those born roughly between 1980 and 2000 – are changing the face of retail.
They have a combined purchasing power of $2.45 trillion worldwide – $600 billion in the U.S. – and they account for almost a third of all retail sales.
Their influence is only going to grow – by 2025, they will comprise 75 percent of the workforce.
