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For many, summer vacations are a way to relax and unwind and enjoy what is usually sunny, warm weather. Maybe your ideal vacation destination is a beach; perhaps the lake or mountains. Paying for dream destinations can be challenging, though. Have you considered turning your vacation into a tax deduction? It’s possible. Active Versus … Continued →
Increase in De Minimis Safe Harbor Limit for Taxpayers Without an Applicable Financial Statement Notice 2015-82 increases the de minimis safe harbor limit provided in § 1.263(a)-1(f)(1)(ii)(D) of the Income Tax Regulations for a taxpayer without an applicable financial statement (“AFS”) from $500 to $2,500. Notice 2015-82 will be published in Internal Revenue Bulletin 2015-50 … Continued →
The IRS has released the 2014 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The 2014 standard mileage rate is 56 cents per mile for business uses and 23.5 cents … Continued →