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Tammy Hoang
- Apr 29, 2020
- 2 min
2018 Standard Mileage Rates
The IRS has issued the 2018 optional standard mileage rates and starting on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 54.5 cents per mile for business miles driven (up from 53.5 cents in 2017) 18 cents per mile driven for medical or moving purposes (up from 17 cents in 2017) 14 cents per mile driven in service of charitable organizations (currently fixed by Congress) 25 cents per mile is the depreciation on the vehic
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Tammy Hoang
- Apr 29, 2020
- 1 min
4 changes on 2020 tax deduction
The tax season is here again! This year, the IRS announced 4 recent changes in tax laws that can save you a lot. 1. Individual Income Tax The IRS has increased the standard deduction, which can increase your taxable income. New tax brackets in 2020: The current standard deduction is $12,400 for singles, up from $12,200 in the prior year, and $24,800 for married joint filers, up from $24,400 in 2019. 2. Retirement savings contribution limits The IRS has raised the employee co
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Tammy Hoang
- Apr 29, 2020
- 2 min
Types of Tax-Deductible Meals and Entertainment
To be qualified for deduction, business meal and entertainment expenses must be directly associated with the active conduct of a trade or business, the production or collection of income. People must be able to prove: The amount of the expenditure The time, date, and place of the expense The purpose of the business discussion The identification of the people who participated It can be challenging; however, to understand which meals and entertainment are a valid deduction, and
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