The optional standard mileage rates for business use of a vehicle will increase slightly in 2018, after decreasing in the two previous years, the IRS announced Thursday (Notice 2018-3). For business use of a car, van, pickup truck, or panel truck, the rate for 2018 will be 54.5 cents per mile, up from 53.5 cents […]
TAXES AND THE REAL ESTATE PROFESSIONAL
Starting a new business can present the proprietors with challenges that they are simply not prepared for. Tax compliance is often one of them. What is often times the biggest yearly expense of a business is often not planned for. For some reason certain professions are slower than others when it comes to […]
Think You Can Do a Better Job Than Your Local Elected Officials?
Many people are dissatisfied with local government and make no bones about it. Check social media. Everyday we see never ending threads inspired by citizens speaking out about local issues that concern them. For most people, complaining on social media is about as far as their involvement will get. For the select few who think they can […]
How to Save Money on Tax Preparation Fees
Imagine what it might be like if every single one of your customers, clients or associates needed something really important from you, and they all needed it at exactly the same time. This is a challenge that your accountant faces every April. Here are some things you can do that will help your accountant and keep your fees […]
Are Commuting Expenses Deductible?
For employees, the cost of daily transportation to and from work can add up. Whether you drive your own car or take a bus, train or ferry to your regular place of employment, chances are you’ve wondered whether or not your commuting expenses were tax deductible. Here’s what the IRS says: No matter how far your home is from […]
Musicians, Artists, Athletes, Influencers: Tax Pitfalls to Avoid
Musicians, artists, athletes and influencers fall into a niche group of taxpayers: Traveling Professionals. Also included in this group are entertainers, writers, other performing artists and keynote speakers. What these individuals have in common, from a tax perspective, is that they travel to many different places to perform work. In turn, people that fall into this group are prone to […]