Deductable Expenses
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The cents-per-mile rate for business miles decreases again for 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56…
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New law doubles business meal deductions and makes favorable PPP loan changes
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains…
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Can you qualify for a medical expense tax deduction?
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard…
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Drive more savings to your business with the heavy SUV tax break
Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions.…
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Understanding the passive activity loss rules
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive…
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Can investors who manage their own portfolios deduct related expenses?
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under…
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