January 21, 2020

Cents-per-mile rate for business miles decreases slightly for 2020

2019 Mileage Deduction, Deductions, Small Business / Douglas Freeman

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction. Businesses can generally deduct the […]

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Can you deduct charitable gifts on your tax return?

Charitable, Deductable Expenses, Deductions, Gifts, Individual Income Tax, Internal Revenue Service (IRS), Tax Cuts and Job Acts (TCJA) / Douglas Freeman

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple of years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity.

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