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Home Archives for Deductions

Standard Mileage Rates Changed For 2017

Posted on January 1, 2017 Written by John Marsh, CPA Leave a Comment

Standard mileage rates change for 2017

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...]

Filed Under: Business, Individual Tagged With: Autos, Charity, Deductions, Travel

Research and Development Tax Credit 2016 Changes

Posted on June 21, 2016 Written by John Marsh, CPA Leave a Comment

Research and development tax credit 2016

The Protecting Americans from Tax Hikes (PATH) Act, passed December 2015, made significant - and beneficial - changes to the federal research and development tax credit program. The changes are effective for 2016. Background on the Research and … [Read more...]

Filed Under: Business, Payroll Tagged With: Credits, Deductions, Payroll, R&D

2015 Tax Extenders – The PATH Act

Posted on January 20, 2016 Written by John Marsh, CPA Leave a Comment

Path through maze

In late December 2015, Congress passed the Protecting Americans from Tax Hikes, or PATH, act. The act extends many popular tax breaks to the 2015 tax year. In previous years most of these tax breaks only got a one year extension. This time Congress … [Read more...]

Filed Under: Business, Individual Tagged With: Credits, Deductions, Depreciation, S Corps, Section 179

Tax Deductions: Avoiding the IRS Hobby Loss Restrictions

Posted on October 21, 2014 Written by John Marsh, CPA Leave a Comment

Do you have a job or own a primary business, but also have another business activity on the side? If the side business generates losses, you might not be able to use those losses against other income if the IRS determines that the side business is … [Read more...]

Filed Under: Business, Individual, Tax Tips Tagged With: Deductions

Tax Tips #1 – Donate Appreciated Stock to Charity

Posted on October 14, 2014 Written by John Marsh, CPA Leave a Comment

There’s a chill in the air (depending on your latitude) and the leaves are turning color. Naturally, your thoughts turn to next April’s taxes. No? Unfortunately, yes, it’s time to start thinking about your 2014 tax bill. Some strategies can be … [Read more...]

Filed Under: Individual, Tax Tips Tagged With: Charity, Deductions

Tax deductions: Lodging when NOT traveling away from home

Posted on October 9, 2014 Written by John Marsh, CPA Leave a Comment

We noted in our post on deductible travel expenses that hotel bills and costs of lodging incurred by an employee are generally only excludible from the employee’s income if the stay is away from the tax home of the employee. The employee’s tax home … [Read more...]

Filed Under: Business, Tax Tips Tagged With: Deductions, Travel

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