Tax Credits vs. Tax Deductions for Individuals

Tax Credits vs. Tax Deductions for Individuals

When it comes to tax season, you may hear about tax credits and deductions and wonder – what’s the difference? Both can lower your tax bill, but they work differently. Knowing what they are and how they impact your tax situation can benefit you and your...
The standard business mileage rate will be going up slightly in 2024

The standard business mileage rate will be going up slightly in 2024

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...
IRS Gift Tax 101: What Small Business Owners Need to Know

IRS Gift Tax 101: What Small Business Owners Need to Know

Having a generous spirit is a good thing right? Major life events, creating memorable experiences, and even the holidays can help you get into the giving spirit. But, is there a downside to being generous? If you are a small business owner who wants to gift money or...
There still may be time to reduce your small business 2023 tax bill

There still may be time to reduce your small business 2023 tax bill

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,...