With gas prices soaring it has been expected the IRS would offer an optional mileage rate increase that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 4-cent increase in the optional mileage rate for the last half of 2022. The new …
Business Expenses
You Can Expense Business IT Purchases
Hoping to expense business IT purchases this year? Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment – it’s possible. Many businesses will be able to expense business IT purchases (and other assets) before the end of the tax year. However, for businesses using the accrual method of accounting, …
Congress Authorized a Second Round of PPP Loans
Congress approved a second round of PPP loans in 2021 called the Consolidated Appropriations Act. Included in its almost 5,600 pages is a second draw of forgivable Paycheck Protection Program (PPP) loans. The first round allowed loans to businesses with 500 or fewer employees. It also had allowances for loans to certain businesses with multiple …
Increased Business Meal Deductions for 2021 and 2022
With increased business meal deductions for 2021 and 2022, the business lunch is back! If you recall, the Tax Cuts and Jobs Act (TCJA) eliminated the business-related deduction for entertainment, amusement or recreation expenses. However, it retained a deduction for business meals when the expense is ordinary and not extravagant. Especially when a business meal …
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