The IRS has announced a decrease in the business standard mileage rate from 54 cents per mile to 53.5 cents per mile beginning January 1, 2017. Other standard mileage rates also change. Business standard mileage rate decreases for … [Read more...]
Truck and SUV Depreciation for 2014
As we approach the end of the year (where did summer go?) many small businesses consider making expenditures for fixed assets. While business needs should be the first factor considered, the availability of tax deductions is also … [Read more...]
Auto deductions – the standard mileage rate method
You can deduct the cost of business use of your car using one of two methods: the actual expense method or the standard mileage rate method. The actual expense method usually gives bigger deductions in the year of acquisition. The standard mileage … [Read more...]
Auto Depreciation for 2013
In our last post on bonus depreciation, we noted that there are special rules for depreciating cars and trucks. Today we’ll look at those rules. This discussion assumes that the vehicle is being used more than 50% for business purposes. If the … [Read more...]