Mike's weekly post usually concentrated on tax saving strategies.
Every year,the General Services Administration (GSA) establishes per diem rates for government employees in the 48 states in the continental U.S. and the District of Columbia ("CONUS" rates); in areas outside the continental United States (Hawaii, Puerto Rico and U.S. possessions ("OCONUS" rates); and in foreign countries.
The IRS says that private employers may use these "per diem" rates as a record keeping shortcut to reimburse employees for business travel with no hassles.
The IRS recently announced mileage rates to be used for travel in 2014. The Business, Medical, and Moving mileage rates decrease one half cent versus 2013 while charitable rates remain unchanged. Business mileage decreases 1/2 cent per mile.
2013 Tax Changes for Individuals, Businesses and more....
Here is a copy of recent communication to my business clients... It may be of interest to your business.
Recently, the Internal Revenue Service issued final tangible property capitalization regulations. These regulations provide clarity to a complex area of tax law for business taxpayers who acquire tangible property, or who own tangible property which they improve, maintain or repair. The final regulations address the proper characterization and tax treatment of expenditures related to these acquisitions, improvement, maintenance and repair activities.
One way to reduce your tax bill this year is to donate appreciated stock to a charity of your choice versus writing a check. This part of the tax code provides a tax benefit to you in two ways:
