Tagged: business expense deductions

Closeup of IRS signage near an entrance to the IRS building in Washington, D.C.

IRS Announces 2017 Standard Mileage Rates

Today the IRS announced the standard mileage rates for the 2017 tax year, which can be used by taxpayers to calculate their deductions resulting from costs for use of an automobile for the purpose of business, charitable activities, or moving. The new standard mileage rates beginning January 1, 2017 are as follows:[1] Type of Vehicle Use 2017 Mileage Rate 2016...

Closeup of IRS signage near an entrance to the IRS building in Washington, D.C.

Standard Mileage Rates for Tax Year 2015

The IRS today announced the standard mileage rates that will apply towards business, charitable, medical and moving use of vehicles for tax deduction purposes. The optional standard mileage rates for 2015 will be as follows:[1] Type of Use: Standard Mileage Rate: Business 57.5 cents/mile Medical/Moving 23 cents/mile Charitable 14 cents/mile In comparison with the 2014 standard mileage rates, one rate...

Picture of construction vehicles at a construction site. 0

Jobs Tax Credits: Are Wages Used to Qualify for Credits Still Deductible?

The issue we’re discussing relates to tax credits afforded to businesses based on certain wages and salaries paid to employees that will qualify the business for certain federal tax credits. A few examples of these tax credits are the Work Opportunity Tax Credit,[1] the Empowerment Zone Tax Credit,[2] and the Indian Employment Tax Credit.[3] The question is basically this: if...