IRS Announces Standard Mileage Rate for 2017
The Internal Revenue Service announced the 2017 optional standard mileage rate for calculating the deductible costs of operating an automobile for business purposes.
Pension Plan Limits for 2017 Announced by IRS
The Internal Revenue Service released 2017 tax year cost of living adjustments for pension plans and other retirement-related items. Here is a summary of the more significant items for 2017.
New January 31 Employer Filing Deadline for Form W-2
Employers must file copies of their Form W-2s by January 31 under a new federal law that went into effect this tax year. The new January 31 filing deadline also applies to certain Form 1099s.
IRS Announces Section 179 Limit and Bonus Depreciation Changes for 2015 and Beyond
The Section 179 deduction is subject to an annual dollar limit.
IRS Increases the Small Business De Minimis Safe Harbor Deduction to $2,500
The de minimis safe harbor allows businesses to currently deduct the cost of personal property items they use in their business.
IRS Announces Standard Mileage Rate For 2016 (Effective Jan 1, 2016)
The IRS lowered the standard mileage rate for business use of a vehicle for 2016.
IRS Changes Installment Agreement Fees Effective 2017
Under the fee schedule, the highest fee goes up while new online options offer discounts.
Important Update to the 11th Edition of Every Landlord’s Tax Deduction Guide
In response to widespread complaints about the expense and difficulties involved in filing IRS Form 3115 to obtain automatic IRS consent to apply the IRS repair regulations to years before 2014, the IRS issued new regulations in mid-February 2014.
IRS Increases Standard Mileage Rate For 2015
The IRS has increased the business standard mileage rate for 2015.
Tax Filing Requirements Under the IRS Repair Regulations
Landlords will need to file Form 3115 to change their “method of accounting” for rental property they own and depreciate--an onerous task.
IRS Announces Cost of Living Increases for 2015 (Effective: Jan 01, 2015)
The IRS has announced most of the annual inflation adjustments for tax year 2015.
Congress Extends Tax Deduction for Private Mortgage Insurance (PMI) Through 2015
Can't put 20% down? You'll have to pay PMI, but it's tax deductible.
IRS Inflation Adjustments for 2014 (Effective: Jan 01, 2014)
Every year, the IRS makes adjustments to tax brackets, the standard deduction amount, and certain tax credits and exemptions to take into account inflation.
Copies of IRS Tax Returns Available Online
The IRS has a new service available on its website which allows taxpayers to download and have immediate access to their previously filed tax returns.
IRS Announces 2014 Standard Mileage Rates (Effective: Jan 01, 2014)
The Internal Revenue Service announced the 2014 optional standard mileage rate for calculating the deductible costs of operating an automobile for business purposes.
Employer Mandate Under the Affordable Care Act Delayed For Second Time (Effective: Feb 11, 2014)
The employer mandate under the Affordable Care Act has been delayed for a second time for certain employers.
Key Tax Incentives Restored for 2014
Congress approved a tax extenders bill which restores many key tax breaks for 2014. Included in the tax legislation is an extension of the $500,000 Section 179 annual limit and the continuation of 50% bonus depreciation for 2014.
2013 Business Standard Mileage Rate Announced by IRS
The Internal Revenue Service announced the 2013 optional standard mileage rate for calculating the deductible costs of operating an automobile for business purposes.
Section 179 and Bonus Depreciation Amounts for 2012 and 2013
As part of the fiscal cliff tax deal passed by Congress on January 1, 2013, the Section 179 limit for 2012 was retroactively increased from $128,000 to $500,000.
New Simplified Home Office Deduction For 2013
In a rare move to simplify life for taxpayers, the IRS has created a new simplified optional home office deduction.
Fiscal Cliff Tax Deal: What It Means for Small Businesses
On January 1, 2013, Congress passed the Taxpayer Relief Act of 2012, otherwise known as the "Fiscal Cliff Deal."
Effective Date of New IRS Regulations on Capitalization Delayed Until 2014
New IRS regulations on capitalization and repairs versus improvements were supposed to take effect on January 1, 2012.