As part of its coronavirus response, the federal government has announced a 90-day grace period, changing the tax deadline to July 15, 2020. We are awaiting IRS regulations to be issued providing more details regarding this grace period. The U.S. Treasury will give tax filers 90 extra days to pay income taxes due on up to [...]
The following article was published by the IRS. A small business owner often wears many different hats. They might have to wear their boss hat one day, and the employee hat the next. When tax season comes around, it might be their tax hat. They may think of doing their taxes as just another item to [...]
Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes. Businesses generally can use one of the two methods to figure their deductible vehicle expenses: Standard mileage rate Actual car expenses For 2019, here are the standard mileage rates for calculating the deductible costs [...]
The following article was published by the IRS. Small business owners may qualify for a home office deduction that will help them save money on their taxes, and benefit their bottom line. Taxpayers can take this deduction if they use a portion of their home exclusively, and on a regular basis, for any of the following: [...]
The following article was published by the IRS. Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, [...]
