Standard Mileage Rates for 2017 Announced


The standard mileage rates for business use of a vehicle will drop slightly in 2017

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IRS Tax Tips for Deducting Gifts to Charity


The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind:

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Internal Revenue Service and U.S. Treasury Issue Final Capitalization Regulations


In September 2013, the IRS and U.S. Treasury issued final capitalization regulations. These revised regulations, under specified circumstances, permit business taxpayers to make safe harbor elections that would enable them to deduct expenditures that might otherwise need to be capitalized. The focus of this alert is on the de minimis safe harbor election and the requirement for taxpayers to have a written accounting policy in place not later than the first day of their tax year – January 1, 2014 for calendar year clients.

Tags: IRS