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Tax News

New 20% Deduction for Pass-Through Businesses

on Jan 6, 2019

Below are answers to some basic questions about the new 20-percent deduction for pass-through businesses. Also known as the section 199A deduction or the deduction for qualified business income, the deduction was created by the 2017 Tax Cuts and Jobs Act. Q1. What is the Qualified Business Income Deduction? A1. Section 199A of the Internal Revenue Code provides many...

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Standard Mileage Rate for 2019

on Jan 6, 2019

Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018, 20 cents per mile driven for medical or moving purposes, up 2 cents from the rate for 2018, and 14 cents per mile driven in service of charitable organizations. The...

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Tips for teenage taxpayers starting a summer job

on Jun 26, 2018

Now that school’s out, many students will be starting summer jobs…from working at a summer camp to being an office intern. The IRS reminds students that not all the money they earn may make it to their pocket. That’s because employers must withhold taxes from the employee’s paycheck. Here are a few things these workers need to know when starting a summer job: New...

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Hiding From a Tax Debt May End up Costing You More in the End

on Jun 3, 2018

Pay Your Taxes Now Pay with your bank account for free, or choose an approved payment processor to pay by credit or debit card for a fee. Also available at the IRS2Go app. View Your Balance and Payment History View your account information, such as the amount you owe and payment history, securely online. Penalties and interest may apply to money you owe after April...

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Providing Car Rides Through an Online App? Know the Tax Rules

on Jun 3, 2018

If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing economy. An emerging area of activity in the past few years, the sharing economy has changed how people commute, travel, rent vacation accommodations...

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Law Change Affects Moving, Mileage and Travel Expenses

on May 29, 2018

The Internal Revenue Service provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect: Move related vehicle expenses Un-reimbursed employee expenses Vehicle expensing Changes to the deduction for move-related vehicle expenses The Tax Cuts and Jobs Act suspends the deduction for moving expenses for tax years beginning...

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