New 2019 Standard Mileage Rate and Conditions

New 2019 Standard Mileage Rate and Conditions

With the new year fast approaching, the IRS has been steadily putting out notices this month announcing the kind of changes we can expect for the 2019 tax year. And the latest, detailing the new standard mileage rate and the situations in which the deduction may be...
The Updated IRS Interest Rates for 2019

The Updated IRS Interest Rates for 2019

The numbers are out for 2019’s first quarter, that begins on January 1st, and the IRS has reported a rise in interest rates. As detailed by the tax service, the new rates will be: • 6% for overpayments, or 5% if a corporation; • 3.5% for any corporate overpayment that...
How to Get More Tax Savings for Your Medical Expenses

How to Get More Tax Savings for Your Medical Expenses

It’s no secret the IRS has few tax deductions for medical expenses available.For starters, any taxpayer who files under the standard deduction can’t claim any medical tax savings at all, while those who itemize their returns under Form 1040’s Schedule A have their own...
Tax Markers of a Partnership

Tax Markers of a Partnership

Let’s talk about partnerships, and what constitutes as one for tax purposes. According to the IRS, a partnership is when two or more owners “carry on a trade, business, financial operation, or venture and divide the profits therefrom”, while all income and deductions...
IRS Confirms New Meal Tax Deduction

IRS Confirms New Meal Tax Deduction

Since the new Tax Cuts and Jobs Act (TCJA), there’s been a lot of questions and rumors in the tax community, while the IRS has been hard pressed to clear up some of the confusion. Their latest Notice? Whether or not entertainment and meal tax deductions were cut....
New Employer Credit Available for Paid Family Leave Providers

New Employer Credit Available for Paid Family Leave Providers

Yet another provision to the Tax Cuts and Jobs Act (TCJA), employers who traditionally provide paid family leave to their employees, now have a new and improved tax credit available to them. Eligible through the years 2018 and 2019, the IRS affirms that for employers...

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