by Lori Bowden | Jan 3, 2025 | Tax & Accounting
The IRS has issued the 2025 cents-per-mile rates that can be used to calculate tax-deductible vehicle operating costs. Effective Jan. 1, 2025, the standard mileage rate for the business use of a car, van, pickup truck or panel truck is 70 cents per mile. This is up...
by Lori Bowden | Jan 2, 2025 | Tax & Accounting
Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return than on tax planning for the new year. However, as you work through your annual tax filing, you should familiarize yourself with amounts that may have...
by Lori Bowden | Jan 1, 2025 | Tax & Accounting
Filing joint tax returns generally results in the lowest tax bill for married couples. However, in some circumstances, they may pay less taxes if they file separately, such as when one spouse has large medical expenses. Medical expenses are deductible only to the...
by Lori Bowden | Dec 4, 2024 | Tax & Accounting
Having won control of the White House, the Senate and the House of Representatives, Republicans will have the opportunity to move forward their vision for federal taxes. What might this mean? First, many provisions in President-Elect Donald Trump’s signature tax...
by Lori Bowden | Dec 3, 2024 | Tax & Accounting
A cost segregation study allows a business property owner to accelerate depreciation deductions. That, in turn, enables the owner to reduce current taxable income and increase cash flow. A cost segregation study combines accounting and engineering techniques to...
by Lori Bowden | Dec 2, 2024 | Tax & Accounting
As the end of the year approaches, many people give more thought to supporting charities they favor. To avoid losing valuable charitable deductions if you itemize, you’ll need specific documentation, depending on the type and size of your gift. Here’s a breakdown of...