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Per Diem Rates in 2020

Per Diem Rates in 2020

What is Per Diem? Every fiscal year the IRS releases new per diem rates. The rates are for business travel. When an employee travels, a boss has two options on how to reimburse the employee. The first being based on receipts and an expense report and the second being...
The Home Office Deduction

The Home Office Deduction

What is the Home Office Deduction? The home office deduction allows taxpayers with an office in their home to deduct expenses related to said office. A home office can be in an owned home or a rented one. The term home includes an apartment, a house, a boathouse, etc....
Payroll Taxes

Payroll Taxes

What are Payroll Taxes? Payroll taxes are taxes on the wages of employees which are used to fund social programs (e.g. Social Security and Medicare). The burden is on the employer to pay the tax by withholding said tax from employee’s salaries, but the employee is the...