Especially in the early days of a business, it can be natural to want to handle as many day-to-day tasks yourself - bookkeeping included. Sometimes, it's in an effort to save money. Often, entrepreneurs just feel like they're in a better position to handle everything themselves. Regardless, this situation does seem to play out regularly. But as your business continues to grow and evolve, [...]
If you've been keeping up with the news, you're no doubt aware of a recent policy change that will impact the way that research and development (R&D for short) is handled when it comes to income taxes in the United States. Rather than being allowed to deduct those costs immediately, companies are now being told that they must spread those costs out over a [...]
Highlights: Standard Mileage Rates for 2023 Business, Charitable, Medical and Moving Rates Important Considerations for 2023 Switching Between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile [...]
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