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The cents-per-mile rate for business miles decreases again for 2021

The cents-per-mile rate for business miles decreases again for 2021

Feb 15, 2021 | Small Business

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021...
See how depreciation can save taxes for your small business

See how depreciation can save taxes for your small business

Dec 7, 2020 | Small Business

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election...
CARES Act provides businesses with more COVID-19 tax relief

CARES Act provides businesses with more COVID-19 tax relief

Apr 1, 2020 | Small Business

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee...
Mileage rate for business miles decreases slightly for 2020

Mileage rate for business miles decreases slightly for 2020

Feb 10, 2020 | Small Business

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...
Small business owners still have time for year-end tax planning

Small business owners still have time for year-end tax planning

Dec 23, 2019 | Small Business

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few tax-saving strategies. Here are three tax planning ideas to implement before the end of the year. Buying assets Thinking about...
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