Can Individual Taxpayers Deduct Vehicle Expenses?


It’s not just businesses that can deduct vehicle-related expenses on their tax returns. For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances. Individual Tax Briefs IRS Mileage Rate

Traveling for Business Again? What can you Deduct?


Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. Note that under the Tax Cuts and Jobs Act (TCJA) , employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns.


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Tax Considerations When Launching a Sole Proprietorship


Here are some tax rules and considerations involved in operating with that entity. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. Small Business Tax Briefs New Small Business Tax Considerations

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Casualty Loss Tax Deductions Can Only Be Claimed in Certain Situations


Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are now restrictions that make these casualty loss tax deductions harder to take. What’s considered a casualty for tax purposes?

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Basis Period Reform – for self-employed individuals and all partnerships

Inform Accounting

The new rules will alter how the taxable profits of accounting periods are matched into tax years for the purposes of self-assessment profit reporting and income tax calculation. From tax year 2024/25 onwards, a new ‘tax year basis of assessment’ will apply.

Should I change my accounting date?

Inform Accounting

In preparation of the introduction of MTD for income tax, which comes into effect from 6 April 2024 for unincorporated businesses and landlords with trading and property income of more than £10,000 the basis period rules are being reformed. Taxing cryptoassets: what you need to know.

Australia Regulatory Updates – August 2021


It is expected to reach the 12% rate by 2025, after which the annual increase will conclude. Deadline extended for exemption to Permanent Establishment tax. The Taxation Ruling (TR 2002/5) has been revised once again by the Australian Tax Office.

Nebraska State Tax Updates


For the latest news and updates on Nebraska state and local tax. Nebraska Implements Corporate Income Tax Rate Reductions. 873 which reduces Nebraska’s corporate income tax rate over the next five years. The return and payment deadlines are extended to May 17, 2021.

Eleventh-Hour Pandemic Relief – What a Homeowner Should Know


Most of these provisions are included in the Additional Coronavirus Response and Relief (“ACRR”) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (“TCDTRA”) Divisions of the Act. The second round of Recovery Rebates authorized by the Act are direct credits against 2020 taxes.

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Taking Care of Your Business: Estate Planning for Business Owners


Without careful planning, your beneficiaries could find themselves with a hefty tax bill. A tax expert can help you a) minimize estate taxes and b) generate sufficient liquidity to satisfy estate expenses. million through the end of 2025).

A short guide to Making Tax Digital for hospitality


From pandemic restrictions to Making Tax Digital (MTD), hospitality businesses have had to stay agile and adapt to many changes in the past few years. In this guide, we’ll look at what the government’s Making Tax Digital initiative means for your hospitality business in practical terms.

Top 6 Things to Know About the New Monthly Child Tax Credit


So monthly payments through the new federal enhanced child tax credit will start on July 15, 2021. This child tax credit will go to close to 40 million households, or roughly 90% of children in the United States, according to the IRS. What Is The Monthly Child Tax Credit All About?

IRS Issues Updated Form 8994 for Employer Tax Credit for Paid Family and Medical Leave


The IRS has issued an updated Form 8994, which is used by employers to figure the tax credit for providing paid family and medical leave (see our Checkpoint article ). The Consolidated Appropriations Act, 2021 (see our Checkpoint article ) has now extended the credit through 2025.

Top 10 Outrageous Things You Are Taxed On | You Won’t Believe This


And we’ll be talking about that in today’s post – the 10 most outrageous things you are taxed on. Top 10 Outrageous Things You Are Taxed On. The first one on our list of outrageous things you are taxed on probably never crossed your mind – illegal activities.

Last Week in PAYROLL


national minimum wage by 2025 and noted during a January 22, 2021 speech that the increase would help bring all Americans above the poverty line. But one of the Service’s more anticipated annual publications was issued early last week – Publication 15 (Circular E) Employer’s Tax Guide.

SALT Credits – A Handy Guide to State and Local Tax Credits


When it comes to matters regarding taxes and tax breaks, it’s important to know where you stand. The demand for professional tax services as of late is greater than ever before and if you’re a taxpayer yourself, you’ll instantly understand exactly why that is. For anybody who is a taxpayer, not only does it pay to seek professional help, it also pays to understand the various tax breaks and deductions which could be available to you. Tax Help Tax Planning

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Last Week in Payroll: Minimum Wage


per hour incrementally by 2025. The IRS has issued the much anticipated revised Form 941 , Employer’s Quarterly Federal Tax Return, and its instructions for used beginning with the second quarter of 2021. This includes withholding taxes. Income tax rates to change in 2023.

A Run Through of the Payroll-Related Provisions of the Latest COVID-19 Law


The cost of providing this leave is offset with refundable tax credits against employment taxes for qualified wages taken beginning April 1, 2020 through December 31, 2020. Extension of Certain Deferred Payroll Taxes. Return to work reporting. Work Opportunity Tax Credit.

Last Week in Payroll: In Like a Lion; Out Like a Lamb


Also, certain Forms 1099 must be filed by March 1, 2021 – except new tax year 2020 Form 1099-NEC for nonemployee compensation, which had a due date of February 1, 2021 (typically January 31, but it fell on a weekend). per hour in 2025. Unemployment tax rates increasing in 2021.

President Trump vs Biden Tax Plan Proposal in 2020


?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden.