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Learn more about the small business tax deductions that may be available to you. ... For 2023 taxes, you can deduct 65.5 cents per mile. For 2024 taxes, you can deduct 67 cents per mile. ...
Starting with tax year 2023, “the small employer pension startup credit is increasing from 50% of administrative costs to 100% for the first three years for those employers with up to 50 ...
After the tax reform in 2017, entertainment expenses for business purposes were no longer deductible, and meal deductions were limited to 50%. ... The standard deduction amounts for tax year 2024 ...
NEW YORK (AP) — The tax deadline for some small businesses affected by severe weather in 2024 is drawing near, the IRS is reminding owners. Small businesses in all or parts of 14 states and 2 ...
Over the past five years, minority-owned firms were more likely to use personal savings to cover business expenses than other sources of funding. Federal small business grants for minorities 1 ...
Under section 179(b)(1), the maximum deduction a taxpayer may take in a year is $1,040,000 for tax year 2020. Second, if a taxpayer places more than $2,000,000 worth of section 179 property into service during a single taxable year, the § 179 deduction is reduced, dollar for dollar, by the amount exceeding the $2,500,000 threshold, again as of ...