by Steven J Weil, PhD, EA, LCAM | Jan 11, 2023 | Blog, Business Tax
The IRS has announced the new 2023 standard mileage rates. The rate for business use of an auto increases 3 cents per mile, from 62.5 cents in 2022 to 65.5 cents for 2023. The standard mileage rate for medical miles remains 22 cents per mile for 2023 (the remaining...
by Steven J Weil, PhD, EA, LCAM | Jan 6, 2023 | Blog, Business Tax
If so, start-up expenses would be deductible as ordinary and necessary business expenses if incurred after the business is underway. If expenses were incurred before the business is up and running you can elect to deduct up to $5,000 in pre-opening start-up expenses...
by Steven J Weil, PhD, EA, LCAM | Dec 29, 2022 | Blog, Business Tax, Uncategorized
If the IRS decides that your business is actually a hobby, its losses are classified as “hobby losses” and may not be deductible, even against that year’s income from the hobby. In today’s economy, it is not unusual to have more than one source of income....
by Steven J Weil, PhD, EA, LCAM | Dec 3, 2022 | Blog, Business Tax
The new IRS per diem rates have been released for 2022-2023. The Meal and Incidental Expense (M&IE) rates for the transportation indusyty are $69 for travel within the continental U.S. and $74 for travel outside the continental U.S. Per diem for travel to...
by Steven J Weil, PhD, EA, LCAM | Dec 3, 2022 | Blog, Business Tax
The pandemic created a lot of new business owners who had little or no business experience. Many of these people, for the first time in their lives, found themselves having a business instead of a job because of changes that gave them little or no choice. To their...
by Steven J Weil, PhD, EA, LCAM | Oct 26, 2022 | Blog, Business Tax, Personal Tax
Tax planning is one of the best ways we know to reduce your tax bill, and at RMS Accounting we take a proactive approach to helping clients pay the lowest amount of tax allowed by law. We do this through a two-step process. Step 1 requires us to keep up to date with...
