Federal Tax News for Businesses

Court Limits Sole Proprietor's Auto Expense Deductions Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business […]

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How Fast Can You Write off a Business Vehicle?

Before you purchase a business vehicle, it's important to review the tax implications. Limitations that stretch out allowable depreciation deductions can increase the after-tax cost of buying a vehicle. Likewise, if you're considering leasing a car to be used for business, remember that lessees of expensive cars must add back a small amount of their annual lease payments when calculating their allowable annual deductions.

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9 Ideas to Potentially Lower Your Taxes for 2021

As we wind down 2021, you should evaluate your current tax position. Are there any last-minute moves that you can take that could help lower your federal income tax bill? The answer depends on your situation and what tax changes you expect under the Biden administration. A variety of proposed tax-law changes are on the table. With that thought in mind, here are some strategies to consider before year end.

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Part of the ‘New Normal” May Be More Fraud

If your business is now welcoming employees back in person or has just gotten back to full capacity due to the pandemic, know that you might find increased incidence of fraud. Criminals have been busy during the pandemic. So conduct a thorough risk assessment now and follow up on any suspicions — particularly if your business model has changed.

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Mind the Wash Sale Rule When Harvesting Tax Losses

So far, the stock market in 2021 has been bullish overall. But you never know if and when values might plummet. Usually, when you sell an underperforming security that's held in a taxable brokerage firm account, it generates a tax-saving capital loss (within limits). But when the wash sale applies, the tax savings will be deferred. Here's how the rule works, including whether it applies to cryptocurrency losses.

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Federal Tax News

The Per Diem Rates for 2021-2022 Are Announced The IRS has announced the special per diem rates, which are effective Oct. 1, 2021. Taxpayers may use these per diem rates to substantiate the amount of expenses for lodging, meals and […]

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