2020 is here, and it’s a chance for a fresh start for your business. Milestone years can be motivational in making the business improvements you may have been delaying, and it’s an opportune time to set the tone for the next 10 years. From taxes, to accounting, to processes and growth, here are some tips we’ve compiled to help you make the most of 2020.
The Tax Cuts and Jobs Act (TCJA) created the Qualified Business Income (QBI) deduction for tax years 2018-2025. Essentially, certain elements (but not all) of a business owner’s income are getting a tax break.
The IRS has released recommended mileage reimbursement rates for 2019. Each year the IRS performs a study on vehicle costs to determine whether to adjust the rates. Rates not only changed this year, but some adjustments resulted from the new tax reform.