2018 IRS Provision Updates

The IRS announced last week the annual cost of living adjustments for various tax-related provisions for 2018. Keep in mind, these new numbers are for tax year 2018 (beginning January 1, 2018 thru December 31, 2018), which the return will be filed in 2019. Additionally, these are the

IRS Announces Per Diem Rates for Business Travelers

Travel expenses are deductible to the extent they are considered business expenses. The Internal Revenue Service defines business expenses as, those that are ordinary and necessary expenses of traveling away from home for your business, professions, or job. If you are eligible for rei

Documentation of Business Mileage

The qualifying mileage deductions permitted by the IRS does not include your commute from home to your permanent work location. However, if you travel to and from off-site meetings, business events, or even lunch or dinner with a current or prospective client, you can take the mileage
Tax deduction

Meals & Entertainment Expense Deduction

Many businesses have a difficult time determining which meals & entertainment (M&E) expenses are 50% deductible and 100% deductible. Informing your employees to keep proper documentation in order to prove amount, date and place, the business purpose, and who attended will help

Maximizing Your Charitable Contributions

Here are some helpful points to consider when making charitable contributions to ensure you get the most for your contribution. Verify nonprofit status For charitable contributions to be deductible they must be made to qualified organizations. The organization must be recognized as a