Business Travel in St Petersburg Florida

Still important: The tax impact of business travel

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With conference calls and Web meetings increasingly prevalent, business travel isn’t what it used to be. But if your company is still sending employees out on the road, it remains important to understand the tax ramifications. Fringe benefits Generally, for federal tax purposes,...
Mileage in St Petersburg Florida

Deduct all of the mileage you’re entitled to — but not more

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Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other purposes,...
Vehicles in St Petersburg Florida

What business owners should know about company vehicles and taxes

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If you’re self-employed and you or your employees use a vehicle to conduct business, it’s important to know the latest tax rules. First, business-related vehicle expenses can generally be deducted using either the: Mileage-rate method (54 cents per mile driven in 2016), or...
Mileage Rates in St Petersburg Florida

The Deductible 2016 Mileage Rates for Business and Other Purposes

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The IRS issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses...
Expense Reimbursement in St Petersburg Florida

The importance of accountable expense reimbursement plans

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Most companies cover their employees’ business expenses by reimbursing them for their actual expenses or by paying a travel or mileage allowance. Such arrangements are subject to strict tax rules concerning what qualifies as a legitimate reimbursement arrangement and what is...
Mileage Deduction in St Petersburg Florida

Mileage deduction: Be sure to deduct all you’re entitled to

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You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven for other purposes? The mileage deduction rates vary depending on the purpose and the year. Mileage Deduction Rates Business: 56 cents...