S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double… …Continue Reading
The 2016 rate for business driving is 54 cents per mile, down from 57.5 cents per mile in 2015. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.
The Protecting Americans from Tax Hikes Act of 2015 permanently extends the tax-favored business expensing provision at $500,000 with a $2 MM investment limit before the phaseout. Beginning in 2016, these amounts will be indexed for inflation. The Act also made permanent the 15-year depreciation for qualified leasehold improvements and removes the $250,000 cap beginning… …Continue Reading