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Category: Profit Margins

Get off to a Great Start in 2020 with Your Charitable Contribution Plan

When the Tax Cut and Jobs Act went into effect in January 2018, many taxpayers stopped itemizing their returns. The reality, however, is not necessarily black and white. Unique tax situations require a unique approach, and there may be some room for improvement in yours. Now that 2020 is in full focus, it is a […]

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These Tax Mistakes Are Easy to Avoid and Costly to Make

Many small business owners approach tax season with a can-do attitude. This entrepreneurial spirit is admirable, but when it comes to compliance, it is usually best to leave tax preparation to the experts. Being aware of common mistakes, like failing to comply with tax laws, violating tax codes, or incorrectly filling out forms, will help […]

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2020 Standard Mileage Rates Announced for Business, Charitable, Medical, and Moving Purposes

The Internal Revenue Service recently issued the 2020 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company reimburses their mobile workers. Specifically, the IRS mileage rate is a guideline that businesses […]

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IRS Finalizes Rule for Truncating SSN on W2

Final regulations from the Internal Revenue Service (IRS) give employers decision-making rights on whether to truncate their employees’ Social Security Numbers (SSN) on Form W2, Wage and Tax Statement. The rule, which began its journey in 2017 as a set of proposed regulations, is another step in the right direction toward protecting employees from identity […]

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The Taxpayer First Act

The Taxpayer First Act (the Act) of 2019 was signed into law on July 1, 2019. The bill, having gone through a few changes on its way to the president’s desk, passed with bipartisan support – a rare thing in Washington these days. The law aims to reform the Internal Revenue Service (IRS) by making […]

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