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Vehicle Deductions: The Options 

There are actually two different ways that you can claim this deduction for your business: 

Standard Deduction: Receive a flat, per-mile deduction for every mile driven for business purposes. The 2017 standard deduction is $0.535. 

Actual Cost Deduct...

Qualifying Charitable Contributions 

So what allows a contribution to be counted as a tax deduction? It all comes down to what institution you made the donation to. There are a few exceptions, but generally speaking, donations made to the following types of organizations qualify as a tax deducti...

What Is an S-Corporation? 

As defined by the IRS, S-corporations are “corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.” In other words, designating your business as an S-corporation alters the way your compa...

2017 Meals and Entertainment Deductions 

For your 2017 business tax return, meals and entertainment could generally be deducted at 50% of the actual cost. And, occasionally, meals could be claimed at 100% of the cost. These costs had to be associated with your business’s growth, and common quali...

Married Individuals Filing Jointly 

The below table shows the tax brackets and tax rates for married individuals filing jointly, as well as for surviving spouses. These are the brackets and rates outlined in the new tax law, which will be applied to your future tax returns. 

Taxable Income...