December 17, 2014
Andrew Presti- Author's Bio
Articles, Blog Posts, P&N News
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IRS Announces New Mileage Rates
The IRS has announced that the optional mileage allowance for owned or leased autos will increase by 1.5¢ to 57.5¢ per mile for business travel beginning Jan. 1, 2015. This rate can also be used by employers to provide tax-free reimbursements to employees who supply their own autos for business use, under an accountable plan, […]
Read more- December 17, 2014
- Andrew Presti
- Author's Bio
- Articles, Blog Posts, P&N News
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Congress Passes Tax Extenders
Extending personal and business tax incentives retroactively for 2014 With just two weeks left in the 2014 calendar year, Congress finally passed the much anticipated tax extenders bill extending, for 2014 only, a number of personal and business tax breaks that had expired at the end of 2013. The recently passed bill only extends the […]
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- November 24, 2014
- Wayne Naegele
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FAQ: What is the new de minimis safe harbor for tax expensing?
Businesses generally want to write off costs more quickly, to reduce their taxable income and their tax burden. One mechanism for accomplishing this is to deduct the costs of depreciable property rather than capitalizing them. Under Code Sec. 179, taxpayers can expense a prescribed amount of their costs for tangible depreciable property, even if the […]
Read more- November 24, 2014
- Wayne Naegele
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“Lame-duck” Congress returns with busy post-election tax agenda
Lawmakers are scheduled to return to work after the November elections for the so-called “lame-duck” Congress. Despite what is expected to be a short session, there is likely to be movement on important tax bills. Tax extenders Every two years, like clockwork, the same scenario seems to play-out in Congress. Many popular but temporary tax […]
Read more- November 24, 2014
- Andrew Presti
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- Blog Posts, Uncategorized
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Cash-flow 101 – Signs of Problems and Tips for Improvement
If income is the purpose of business, cash-flow is the lifeblood. As a business owner, you know how important cash-flow is to your business. Without cash, you can’t pay your bills, your employees or purchase the goods that you will sell. And if you can’t pay your bills, it doesn’t matter how much money you […]
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