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For 2023 taxes, you can deduct 65.5 cents per mile. For 2024 taxes, you can deduct 67 cents per mile. If you have only one vehicle and use it for both personal and business needs, you need to ...
Small business owners especially need to be aware of potential big changes ahead,” said Tom Wheelwright, a CPA and CEO of WealthAbility. That includes the bipartisan Tax Relief for American ...
Tax time can be tiring for any individual taxpayer. However, for small business owners trying to cut costs at every turn, the task can be downright overwhelming. See: Why Management Positions ...
Here are five unexpected tax deductions every small business owner should keep in mind before filing. 1. Gym Memberships. Generally, gym memberships are not tax deductible. However, there are ...
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...
The West Virginia municipal B&O tax is a gross receipts tax, with no deductions whatsoever allowed. Rates vary according to the type of business, and differ from city to city. For example: The state capital, Charleston, divides businesses into 14 categories for purposes of B&O taxation. Rates ranging from $0.15 per $100 gross receipts for ...
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