These are the new numbers for 2020. The following charts are not the numbers and tables that you will use to prepare your 2019 tax returns in 2020. These are the numbers you will use to prepare your 2020 tax … Continue reading →
Beginning January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 cents per mile driven for business use, down one half of a cent from the rate for … Continue reading →
Child tax credit – Good News! The child tax credit has been Raised to $2,000 per qualifying child, those who are under 17, up from $1,000. A $500 credit is available for dependents who do not get the $2,000 credit. … Continue reading →
2018 standard deduction The new tax law, Tax Cuts and Jobs Act (TCJA), nearly Doubles the Standard Deduction amount. Single taxpayers – jumped from $6,350 for 2017 taxes to $12,000 for 2018 taxes.. Married couples filing jointly – an increase … Continue reading →
Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018, 20 … Continue reading →
So what about Business Meals & Entertainment Deductions? Always remember: Keeping your receipts can Save you $1,000s every year! With the holiday season over, and 2020 already here, many business owners have questions regarding meal and entertainment expenses. What can … Continue reading →
Returning your Call or Email within 24 Hours One of the biggest complaints nowadays is when we leave a message or email to our accountant–or anyone–we wait and wait for them to reply. Here at BAA you can count on … Continue reading →