Many US taxpayers have reacted positively to the news as the IRS extends the personal tax deadline to May 17 2021 from the usual deadline of April 15. For the second year in a row the Internal Revenue Service has give Americans an extra amount of time to submit personal...
The 20 Percent Deduction for Pass Through Income
The tax bill presented for the President's signature contains the 20 Percent Deduction for pass through income for the majority of US partnerships, S Corporations and sole proprietorships. Under existing tax law, business profits were passed through to the individual and taxed at their personal income rate. The top individual...
IRS Lowers Mileage Reimbursement Rate for Commercial and Business Expense
The sustained downward spiral in oil prices has resulted in a lower IRS mileage reimbursement rate for 2016. The new rate will be $0.54 per mile, down from $0.575 in 2015. The 3.5 cent per mile drop reflects stabilization in the international oil markets according to the IRS, and is...