by Joan Buchman Miller | Dec 22, 2023 | Accounting, tax planning
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel...
by Joan Buchman Miller | Dec 18, 2023 | Accounting, deadlines, tax planning
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing...
by Joan Buchman Miller | Nov 28, 2023 | Accounting, depreciaion, tax planning
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income If your business operates on a cash basis,...
by Joan Buchman Miller | Nov 13, 2023 | Accounting, depreciaion, tax planning
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes...
by Joan Buchman Miller | Oct 23, 2023 | employees, tax planning
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax....
by Joan Buchman Miller | Oct 16, 2023 | depreciaion, tax planning
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs)...