General Tax

You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.

The Internal Revenue Service has issued the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences.

Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. However, for businesses, the aggregate value of tax credits may be limited by the general business credit (GBC).

When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several nursing home tax breaks may be available to help offset some of the costs.

Business auto tax depreciation rules are complicated, and complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile. Special limitations apply to vehicles classified as a passenger auto (which could include many pickups and SUVs).