Maximize your vehicle tax write-off by learning how to deduct mileage on your taxes. The IRS allows deductions for business-related mileage. Understanding the rules, tracking your miles correctly, and calculating your deduction can lead to significant sa
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The Chinese government’s issuance of the “Opinions on Further Deepening the Reform of Tax Collection and Administration”in 2021 laid out the blueprint for the development of tax administration over the next five years. The main goal of the blueprint ...
Beginning in 2013, and continued under tax reform in 2018, there are two methods for calculating your home office deduction: the standard method and the simplified method. Unlike other elections in the tax code, you do not need to use the same method each year. The standard method requires ...
Many truck drivers invest heavily in different kinds of insurance. This obviously includes commercial auto liability insurance and property damage insurance, but you may also purchase cargo insurance covering goods lost in transit or in the event of business interruption. These premiums can add up, ...
Cultivate the tax savings: Review your portfolio for investments that have fallen in value since purchase. Pruning the portfolio: You "realize" the loss by selling the asset. It can then be used for tax purposes. Reap the benefits: The realized loss can offset capital gains from other investm...
Prop. regs. address expanded annual compensation deduction limitation The regulations provide guidance on determining who is one of the “five highest compensated employees” under Sec. 162(m)(3)(C). Latest News DIGITAL EDITION Access the digital issue ...
Examples of business use that may qualify for a business mileage deduction are: Driving to meet a client Driving to check on various work sites Driving to purchase supplies or have meetings that relate to business matters Car insurance companies use rating factors such as usage and annual mileage...
Uniform Deduction:You may be able to deduct the costs of the purchase and upkeep of your uniforms. These uniforms must be those that you cannot wear if you are off duty. If you get an allowance for your uniform, your deduction must be reduced by that allowance amount. ...
administration expenses and losses, and property that passes to surviving spouses and qualifying charities. For qualifying estates, the value of some operating business interests or farms may also be reduced. Married decedents and certain life estates may also be eligible for the marital deduction.12...