What Employers Should Know About the SECURE Act

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new law also contains provisions that help simplify the administration of retirement plans for employers and allow more […]

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Federal Tax News

The cents-per-mile rate for business driving goes down slightly.┬áThe IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, medical and charitable purposes. IRS Notice 2020-5 provides that the […]

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Federal Tax News

Giving to charity this year? As the holidays near, many taxpayers are thinking about how they want to “give back” and donate to charities. An IRS tool lets taxpayers learn if the organizations they donate to qualify for a tax deduction. […]

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401(k)s and other employer plans

Contributing to an employer-sponsored defined contribution plan, such as a 401(k), 403(b), 457, SARSEP or SIMPLE, is usually the first step in retirement planning: Contributions are typically pretax, reducing your modified adjusted gross income (MAGI), which also can help you […]

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FAQs About Self-Employment Tax

Do you owe self-employment (SE) tax on non-wage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE tax. Here’s what you should know if you earn income […]

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Vehicle-related tax breaks

Business-related vehicle expenses can be deducted using the mileage-rate method 58 cents per mile driven in 2019) or the actual-cost method (total out-of-pocket expenses for fuel, insurance and repairs, plus depreciation).   Purchases of new or used vehicles may be eligible for Sec. […]

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Depreciation

For assets with a useful life of more than one year, you generally must depreciate the cost over a period of years. In most cases the Modified Accelerated Cost Recovery System (MACRS) will be preferable to the straight-line method because […]

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Sec. 199A deduction for pass-through businesses

Through 2025, the TCJA provides the Sec. 199A deduction for sole proprietorships and owners of pass-through business entities, such as partnerships, S corporations, and LLCs that are treated as sole proprietorships, partnerships or S corporations for tax purposes. The deduction […]

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