Lower Gas Costs = Lower Business Driving Tax Deductions
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business went down. Why? Since gas prices are lower than last year, the cost of driving is less and therefore so is the deduction. This year’s rate Beginning on January 1, 2016, the standard mileage rate for […]
Can You Claim A Home Office Deduction For Business Use?
You might be able to claim a deduction for the business use of a home office. If you qualify, you can deduct a portion of expenses, including rent or mortgage interest, depreciation, utilities, insurance, and repairs. The exact amount you can deduct depends on how much of your home is used for business. Basic rules […]
The “Kiddie Tax”: A Trap for the Unwary
It’s common for parents, grandparents and others to make gifts to minors and college students. Maybe you want to do this to help fund education expenses or simply to remove assets from your taxable estate. Or maybe you’re hoping you can shift income into a lower tax bracket. Whatever the reason, beware of the “kiddie […]
