OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
Tax timing and travel-related taxes
January 4, 2014 by OSYB Staff
Business travel during the big holiday season will cost you more. Most travelling this time of year is personal so it is not deductible. But during the Holiday season car rentals, hotels and meal taxes increase costing business travelers more in expenses up to 58% more. Read here for more tax information.
2014 Standard Mileage Rates Decreased
January 3, 2014 by OSYB Staff
Standard mileage deduction rates decrease beginning in 2014. You have the option of using actual cost of using your vehicle rather than the standard rates. There are some requirements and restrictions of course on who can and cannot use the standard rate and the maximum amounts you can deduct. Read more.
Standard tax deduction amounts bumped up for 2014
January 3, 2014 by OSYB Staff
The new standard deduction for 2014 has increased. Even though the itemized deductions are available and possibly can get you more tax relief over 2/3 of taxpayors use the standard deduction on a schedule A form. You should choose the deduction method that offers you the most deductions. Read more here.
Items to add to your FSA shopping list
January 2, 2014 by OSYB Staff
If you still have a balance in your medical flexible spending account, do not waste it. If your benefits end on December 31st, and you do not have the allowable grace period or rollover option, you need to spend it or lose it. Read more about how to use it here.
Where do your residential property taxes rank nationally?
January 2, 2014 by OSYB Staff
Residential property taxes, if paid before December 31st, can be deducted in 2013 tax returns. Property taxes always make the most hated taxes list, because it seems like they do not really matter. Our schools are always short on funds, our roads are never great, etc. Compare your tax rates to other areas.
Christmas Day tax tip!
January 1, 2014 by OSYB Staff
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States still getting stiffed on sales taxes on Cyber Monday
January 1, 2014 by OSYB Staff
States are still not appreciating Cyber Monday sales, where many people buy online without paying any sales tax. It has improved due to the nexus laws. But it still is way lower than if consumers purchased items in a store in their state. So comes in the “use tax”. Read more.
Winter Sunday tax tip: loans for S corporation basis.
December 31, 2013 by OSYB Staff
S corporations can deduct losses from loans they make to the corporation. The loans are not pro-rated so it is easy to deduct, but you must do it properly to avoid tax traps of S Corporations. You also can make capital contributions to an S corporation before year end. Read more here.
