Author: Stephen Eldridge

21

January

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Higher mileage rate may mean larger tax deductions for business miles in 2019

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage … Continued

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15

January

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5 Questions can help nonprofits avoid accounting and tax mistakes

To err is human, but some errors are more consequential — and harder to fix — than others. Most not-for-profit organizations can’t afford to lose precious financial resources, so you need to do whatever possible to minimize accounting and tax mistakes. Get started by considering the following five questions: Have we formally documented our accounting … Continued

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10

January

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What does the Government shutdown mean for Taxes?

The U.S. government shutdown has entered its 3rd week and most IRS activities have been halted. The IRS says it will soon release a contingency plan for this federal income tax filing season. Until then, a shutdown back in 2013 may provide clues as to how the IRS will handle things. At that time, the … Continued

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08

January

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Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. In certain circumstances, businesses can deduct bonuses employees have earned during a tax year … Continued

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02

January

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2018 Review

The U.S. Treasury Inspector for Tax Administration has issued an audit report on the results of the 2018 tax filing season. Through May 4, 2018, the IRS received 140.9 million tax returns and issued more than 101.3 million refunds totaling some $282 billion. More than 89% of the returns were e-filed. The agency processed 4.9 … Continued

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