Daily Archives: January 14, 2019

Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

TaxesBy EWHsba January 14, 2019

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. In certain circumstances, businesses can deduct bonuses employees have earned during a tax year…

Higher mileage rate may mean larger tax deductions for business miles in 2019

Audit Trail - Deductions, Receipts, RecordkeepingBy EWHsba January 14, 2019 Leave a comment

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage…