by Andrews Tax Accounting & Bookkeeping | Jan 4, 2019 | Educational, Tips
Photo courtesy of TaxRebate.org.uk What changes should you lookout for this tax season? I’m glad you asked. The standard deduction has increased. The SALT deduction only goes up to $10,000. The child tax credit increased. Active members of the military are the only...
by Andrews Tax Accounting & Bookkeeping | Dec 19, 2018 | Educational, Tips
Mileage Rates Beginning next year, most mileage rates used to determine business deductions for the use of automobiles will go up. The rates for the use of an automobile in 2019 will be as follows: -58 cents per mile for business purposes Note: this rate cannot be...
by Andrews Tax Accounting & Bookkeeping | Oct 11, 2018 | Educational
A while ago the AICPA requested that the IRS clarify the state of some deductions, in particular meals and entertainment, for the coming tax year. Well, we finally have an answer. Businesses can still deduct 50 percent of meals while entertaining clients....
by Andrews Tax Accounting & Bookkeeping | Apr 25, 2018 | Educational, Tips
Possible Deductions Business owners can make many deductions for their expenses. Below are a few of the most common deductions, but these are certainly not all the deductions business owners can make. Rent Expenses Most businesses can deduct their rent expenses if...
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