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...]
Research and Development Tax Credit 2016 Changes
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...]
2015 Tax Extenders – The PATH Act
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...]
Tax Deductions: Avoiding the IRS Hobby Loss Restrictions
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...]
Tax Tips #1 – Donate Appreciated Stock to Charity
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...]
Tax deductions: Lodging when NOT traveling away from home
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...]
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