You almost certainly know that you can write off the mileage for business use of your car. That advice is still true. A nice bonus is that it is easier than ever to track your business mileage with a variety of smartphone apps available. Mileage, however, isn’t the only automotive write-off that you should be pursuing. If you use your vehicle for anything work-related, there are deductions that you might be missing out on. Lease payments, oil changes, insurance, repairs, and even car washing and polishing could be written off. Don’t fall for tax myths, fuel your savings with automotive write-offs.
For business owners, lower taxes are likely a gift that you’d like to see under the tree. Thankfully, it’s not too late to add it to your holiday wish list. It even has a name, strategic tax planning. Strategic tax planning is a gift that won’t fade once the newness wears off, and it’s one that continues to give to your business year after year. Strategic tax planning could save your business $20,000, $50,000, even $100,000 in taxes every year. This year stop wasting money on taxes you don’t owe. Instead, give yourself the gift of strategic tax planning, and get rewarded year after year with lower taxes.
There are many advantages to giving to charity. While doing good is in and of itself its own reward, it also probably makes you feel good. Reaping the tax benefits from that charitable giving has also been a nice perk. While taxes might not have been at the forefront of your mind when providing assistance to others, the tax deduction for charitable contributions has typically helped shave money off your tax bill if you itemize instead of taking the standard deduction. Under the new Tax Cuts and Jobs Act, the deduction for donations is unchanged, but the bar is higher with the nearly doubled-standard deduction. ‘Tis the season for charitable giving, so make sure you do it correctly and stay on the nice list.
In 2017 the corporate tax rate was 35 percent, but most American companies paid far less than that. The Tax Cuts and Jobs Act created a single flat rate of 21 percent, but even that number is higher than studies indicate corporations are paying. What corporations actually pay, their effective tax rate, is estimated to be between 13 and 19 percent for federal taxes, based on multiple studies. That effective tax rate is far lower than the rate many other small businesses pay every year. The tax code is full of opportunities for businesses to save money…