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New per diem business travel rates kicked in on October 1
November 8, 2023
Categories: #hh, expenses, high-low method, per diem, Travel
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per diem” rates that became effective October 1, 2023. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidentals
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How inflation will affect your 2022 and 2023 tax bills
November 1, 2022
Categories: #hh, General, GiftTax, inflation, Retirement, Tax, Tax Records, Travel
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights Standard deduction. What does an increased standard deduction mean for you? A larger standard deduction will shelter more income from federal income
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What local transportation costs can your business deduct?
October 10, 2022
Categories: Business, Cost, General, Income, Travel
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in which you aren’t away from your tax home (the city or general area in which your main place of business is located) long enough to require sleep or rest. Different rules apply if you’re away from your tax home for significantly more than an ordinary workday