Business owners have until the end of 2022 to take advantage of the IRS Regulations on Meal & Entertainment Tax Deductions.
Defeat the $10,000 SALT Cap with the PTE Tax – Part 2
We explained in Part 1, a majority of states now allow pass-through entity (PTE) owners to get around the federal $10,000 state and local tax (SALT) deduction cap on individual taxpayers by having their PTE pay state income tax on its income at the entity level.
Defeat the $10,000 SALT Cap with the PTE Tax – Part 1
Maybe the least popular change brought about by the Tax Cuts and Jobs Act (TCJA) was a first-ever cap on the federal personal income tax deduction for state and local taxes (SALT).
Business-related Travel Deductions
Business travel deductions are available when employees travel away from their tax home or principal place of work for business reasons. With inflation on the rise, business travel is more costly than ever. Hotel bills, airfare or train tickets, cab fares, and public transportation can all add up fast.
Tax Breaks for Teachers and Educators
It’s almost time for the start of the new school year, and teachers and other educators should know that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount of tax owed when filing a tax return. Teachers and educators should keep in mind, however, that the deduction can only be claimed for expenses that weren’t reimbursed by their employer, a grant, or other sources.
Standard Mileage Rates Increase for Remainder of 2022
The optional standard mileage rate, which taxpayers may use to calculate the deductible costs of operating an automobile for business and certain other purposes, increases to 62.5 cents per mile, effective July 1, 2022. The new mileage rate is up 4 cents from the rate effective at the start of the year.
Deducting Business-Related Car Expenses
If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. Here’s what small business owners need to know:
Small Business: Rent Expenses May Be Tax-deductible
If you’re a small business owner who is just starting out, you may not realize that some rent expenses may be deductible on your tax return. Here are some things small business owners should keep in mind when it comes to deducting rental expenses:
Filing a Tax Return: Avoid These Common Errors
While not all mistakes on tax returns cause delays in refunds, as the April 18 deadline approaches, taxpayers are advised to steer clear of the common tax return errors listed below to ensure a timely refund.
Tax Breaks for Taxpayers Who Itemize
Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here’s what to keep in mind: