The standard mileage rate, also known as daily mileage or deductible mileage, is a rate set by the Internal Revenue Service (IRS) per mile maintained by a taxpayer for business purposes...
As the costs, inconvenience, and safety concerns of commercial flights continue to rise, many people and businesses find using a private jet a better and more efficient form of transportation...
The IRS issued depreciation limits for commercial passenger cars placed in service by taxpayers in 2020. The IRS also released annual income inclusion values for these vehicles first...
Starting a business can be an exciting new adventure for those with an idea who wish to be self-employed. There are several things to consider, however, when you are opening...
What is the Internal Revenue Code?The Internal Revenue Code refers to Title 26 of the United States Code. "Formal consolidation and codification of the United States' general...
Several recent developments may affect taxpayers based on a strategy of trading or holding tax-exempt state and local bonds, commonly known as municipal or "munis" bonds....
Your business is personal good, has resources within its walls, and has a huge impact on what your organization owes in tax. Unfortunately, this critical perspective is often overlooked...
The Internal Revenue Code is configured to offer numerous tax reductions to individuals and businesses. Even the IRS recognizes that you have to save money to live and manage your...
The law on coronavirus aid, relief, and economic security Acts (the CARES Acts) contains a provision for the exemption of companies known as employee retention credit, a refundable...
Posted by Freddie Cook, CPA on 06/22/2020