Luxury Auto Depreciation Caps and Lease Inclusion Amounts
November 23, 2021
If you use your vehicle for business purposes, the Internal Revenue Service allows you to write off some of the vehicle's cost. By depreciating your vehicle, you deduct a specified amount of your taxable income to account for the vehicle's loss of value for each year of use. The IRS sets annual depreciation caps for luxury vehicle owners who opt for the actual cost method over the standard mileage rate.
2021 Tax Planning: Meals and Entertainment Expenses
November 18, 2021
Many businesses consider the occasional wining and dining of customers and clients just to stay in touch with them to be a necessary cost of doing business. The same goes for taking business associates or even employees out to lunch once in a while after an especially tough assignment has been completed successfully. It's easy to think of these entertainment costs as deductible business expenses. However, due to a recent change in the tax law, many of those expenses may not be deductible.
November 15, 2021
The IRS has released the annual inflation adjustments for 2022 for the income tax rate tables, plus more than 56 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation.
Thanh’s Tips for Facing 40 Fiercely
October 07, 2021
Be vulnerable. Be bold. Be brave. Despite popular belief, facing personal vulnerabilities can help contribute to your success. Over the years, I’ve learned that not everyone will be kind or supportive, but there will be select people who will surely help you along the way. With that, I have aimed to contribute my own efforts in inspiring others to take action and take risk into their own hands.
3 Reasons Your New Business Needs a Certified Public Accountant (CPA)
October 04, 2021
When it comes to starting a new business, the first considerations that quickly come into mind are deciding on a business name, a logo, or finding clients. Unfortunately, many fail to consider the importance and benefits of working closely with a CPA during this crucial developmental time. Collaborating with the right CPA can save you time, money, and frustration as you look to grow your business, but most importantly, ensure that it's headed in the right financial direction.
The 2021 Tax Increase- Tax Planning Starts Now!
September 29, 2021
Benjamin Franklin famously said, "If you fail to plan, you are planning to fail!" While Congress debates on President Biden's tax plan, the "Build Back Better Plan," which is just weeks away from its final approval, there are likely scenarios that you and your CPA should be planning for in the months to come.